Mark Cuban Transfers 2.8M MATIC to Coinbase, MATIC Founder Optimistic

According to Sandeep Nailwal, Polygon’s co-founder, Polygon (MATIC) has displayed a bullish tendency, overcoming a challenging year to emerge stronger. Furthermore, the token’s value has increased by 3.20% in the last 24 hours, rising from an intraday low of $0.858421 to $0.923597 before facing some resistance. This increase represents an 11.1% increase in the previous week and a 12.97% gain in the last 30 days.

In addition, MATIC’s market capitalization and 24-hour trading volume increased by 2.81% and 42.10% to $8,399,134,682 and $853,992,918, respectively, reflecting the increasing investor interest in crypto.

MATIC/USD 24-hour price chart (Source: CoinStats)

Sandeep Nailwal’s Underdog Spirit

Polygon’s founder, Nailwal, has openly embraced the platform’s underdog status. Despite the challenges of 2023, he finds liberation in returning to Polygon’s roots.

The platform’s essential features fuel Nailwal’s optimism. According to Zero, a protocol on Polygon zkEVM, Polygon was bullish due to its Ethereum virtual machine (EVM) compatibility and zero-knowledge proofs (ZKPs) implementation.

MATIC’s Price Trajectory: Analyst Insights

Renowned crypto analyst Captain Faibik offered a comprehensive outlook for MATIC’s future. He sets midterm price targets at $1.20, $1.60, $2.50, and $4.00, advocating for a strategic, long-term investment approach with a recommended minimum 60-day holding period. His analysis includes a cautionary note on risk management, suggesting a stop-loss strategy if MATIC’s weekly closing price dips below $0.55.

Concurrently, billionaire Mark Cuban transferred 2.82 million MATIC, worth $2.56 million, to Coinbase, leading to a temporary drop in MATIC’s price. This action follows Cuban’s involvement in a joint amicus brief with Elon Musk, challenging the U.S. Securities and Exchange Commission’s (SEC) approach to in-house trials.