blockster.com
Bitcoin managed to breach the $50k mark for the first time since early December. And, while the initial price predictions were hopeful of the coin continuing its surge, it once again finds itself before the $50k mark at the time of writing.
However, there are other projects, including Polygon (MATIC), that are currently doing quite well, despite the fact that the Bitcoin-led rally failed.
MATIC price has been performing rather strongly in 2021, even though it had a bit of a slow start. Throughout January and early February, it has been growing, although at a very slow pace. Things started picking up in mid-February, but the project has still been rather slow in its progression. It wasn’t until late April 2021 that MATIC truly started skyrocketing, going from $0.3 on April 25th to an all-time high of $2.68 around May 18th.
Its price immediately corrected, eventually reaching $0.89 by May 23rd, only to skyrocket once again and reach $2.27. However, this triggered another price correction, although this one was not as rapid and as sudden as the last one. The price did drop even lower, to $0.60, but it took nearly two months to reach this level, from May 23rd to July 20th.
After reaching its bottom at this level, it started another bullish period that had its ups and downs, but in the long-term, it never truly ended. The price went from the bottom at $0.60 to the high at $2.41 over the course of six months, from July to December. Along the way, it encountered several resistances, such as the one at $1.6, and the one at $2, but it also found some new supports, like the ones at $1.20 and $1.60.
MATIC’s latest surge started only two days ago, on December 6th. Starting at $1.80, the coin’s price started going up, breaking one small resistance after the other. It pushed through $2.20, $2.30, and also $2.40. However, it did get stopped by the one at $2.50, which stopped it from progressing twice in the last 24 hours.
Still, the last day has allowed the coin to skyrocket by another 5%, while its weekly price increase sits at around $20.35%, while most of the market is trading in the red on weekly and daily charts.
Matic is definitely building up very bullish momentum, and it doesn’t seem to depend on Bitcoin’s price behavior to do so. This is not surprising, given the amount of popularity and usage that the project has seen throughout the year.
Emerging as one of the fastest blockchains, and therefore becoming one of the go-to platforms for DeFi developers and NFTs, Polygon’s network has been among the most popular blockchains. It has not yet reached Ethereum’s size and popularity, but it is right up there with the likes of Solana and Binance Smart Chain.
Of course, the reason for this most recent surge might be the fact that Polygon recently published a press release about entering a strategic partnership with Wanchain. According to the project’s assessment, the partnership will drive the adoption of Layer 2 cross-chain bridges and accelerate the development of interoperable blockchain technology as a whole.
Before that, several reports mentioned that there are a number of high-profile venture capital firms that are considering investing in Polygon, including the likes of Stearview Capital and Sequoia Capital India. Such investments and interest from institutional investors could end up changing fortunes for Polygon, which was previously struggling to be taken seriously by professional investors.
However, things appear to be changing for Polygon and its MATIC now, and it is only a matter of time before the project hits its old ATH, and potentially even reaches a new one.