A well-known crypto expert predicts that polygon polygon Crypto / Blockchain SolutionScaling Solution Followers : 0 View profile , a blockchain scaling solution, will increase in value before the highly anticipated Ethereum Merge (ETH) next month. The host of Coin Bureau, Guy, claims that despite a favorable environment over the previous few months, MATIC is still having a difficult time.
Although it is beginning to show signs of recovery, the MATIC token has been severely impacted by the cryptocurrency bear market and is down nearly 50% since I last covered the project in March.
“Besides the crypto bear market, the MATIC token has been suppressed by sell pressure as indicated by the sizable increase in its circulating supply over the last few months. Since March, MATIC’s supply has increased by about 340 million.”.
Despite its difficulties, the analyst predicts that MATIC will soar as ethereum ethereum Blockchain NetworkTechnology Followers : 0 View profile switches from a proof-of-work to a proof-of-stake system. Guy claims that by making the switch, Polygon will gain access to more environmentally friendly scaling solutions.
“MATIC is likely to continue its short-term rally regardless of these fundamentals and that’s because of Ethereum’s upcoming transition to a proof of stake, which is taking tokens like MATIC on a mission to the moon.”
According to technical analysis, MATIC may rise to a maximum of $1.50 in the days before the mid-September Ethereum Merge. This is in line with ETH’s own price movement, which projects a rise of up to 2x between now and then.
This makes sense because, as a result of the Merge, MATIC’s scaling solutions will logically become more ecologically friendly. This will improve Polygon’s appeal to institutional investors, which is already high.
The cryptocurrency market kept prices at the same levels as the previous few sessions. After falling below the barrier yesterday, Bitcoin is currently circling about $23K. In the foreseeable future, the market will likely stay volatile because prices could change.