The bitcoin and the market as a whole have recovered from the weekend devastation that lasted into Monday. Polygon’s MATIC, on the other hand, is one cryptocurrency that is showing the fastest and most promising comeback.
The MATIC cryptocurrency has increased more than 30 percent in value and now trades at $2.42 with a market capitalization of $16.2 billion. Polygon’s MATIC, like Terra’s LUNA, has been one of the best performers, even throughout the recent market meltdown.
A group of venture capital investors is looking to support Polygon with money ranging from $50 to $150 million, according to a recent report from Tech Crunch. Polygon’s MATIC coins are attracting interest from some of the industry’s biggest names, including Sequoia Capital India and Steadview Capital.
Where MATIC Price is Heading Next?
While MATIC Price trades in the green, it must avoid the $2.10 levels. The coin’s first significant resistance level is $2.47, after which the gates open to $2.67. Polygon Matics’ previous all-time high was $2.62 on May 18, 2021. $3.03 is the third resistance level. The first important support level on the downside is around $1.90, followed by $1.53 and $1.37.
Defi activity on the Ethereum blockchain is expanding, and the gas fee is rising, so Polygon, the Layer-2 Ethereum scaling solution, has garnered a lot of popularity. Polygon addresses most of Ethereum’s scalability difficulties by charging extremely low transaction fees.
Polygon has recently attracted the attention of large investors and venture capital firms due to its recent performance.
Polygon is concentrating its efforts on ZK cryptography as the most viable scaling option for the Ethereum blockchain. The crew is preparing for the “Polygon ZK day” on December 9 this week. Some well-known figures, such as Ethereum’s Vitalik Buterin, will be in attendance to discuss the present state and future of zk-STARKs and Zero-Knowledge proofs. This could be another factor driving up MATIC’s price in recent months.