The Polygon price is a few points below its all-time high as demand in the currency jumps. MATIC is trading at $2.23, which is just 15% below its all-time high of $2.7 and 200% above its lowest level last week. It has a market capitalization of more than $13.7 billion and a total value locked of more than $7.45 billion.
MATIC spectacular rally
A few months ago, Polygon was a relatively unknown blockchain project. Yet, today, it has become the 13th biggest digital platform in the world. It is even bigger than well-known blockchain projects like Litecoin and Ethereum Classic. This is because the price of MATIC has jumped by more than 12,000% this year, becoming one of the best cryptocurrencies in the world.
For starters, Polygon is a blockchain project that helps developers build Ethereum-compatible applications. This, in turn, helps them to scale their decentralized applications and make them perform better. The network achieves this by using the so-called PoS checkpoints that are then pushed to Ethereum’s mainchain. As a result, a single Polygon can solve more than 60,000 transactions per block.
Many developers have started to embrace the network, that was previously known as MATIC. Indeed, some of the best-known projects have started to use it. The best-known of them is Aave, the Decentralized Finance (DeFi) project that helps people lend and borrow ERC tokens.
The Polygon price has also jumped because of fear of missing out (FOMO). In the past, we have seen projects rocket higher as retail investors hunt for the next big thing. For example, a few months ago, Filecoin, Theta, and Elrond were among the biggest cryptocurrencies in the world. In a statement yesterday, Mark Cuban, the owner of Dallas Mavericks said that he had bought some Polygons.
Polygon price prediction
In a recent article, I identified Polygon as one of the best cryptocurrencies to buy if the prices bounce back.
Today, looking at the daily chart, we see that the Polygon price has been in a strong upward trend. The price has risen in the past three consecutive days and is just a few points below its all-time high. It is also being supported by the 25-day and 50-day exponential moving averages.
It is also above the ascending trendline that is shown in purple. Therefore, in my view, I believe that there is momentum in the token and that its price will soon rise by 15% to its all-time high of $2.76.