The market has great expectations for the Polygon network, especially since it temporarily eclipsed the Ethereum network when the former’s active addresses reversed ETH’s.
While the network’s growth has been impressive, the layer-2 solution that connects Ethereum to other blockchains has hit snags after the network’s validators advocated boosting transaction fees to combat a surge in spam transactions.
Polygon(MATIC) Price Action
In Friday’s session, the price of Polygon was extremely volatile. It has found support at $1.5000 after breaking through the psychological threshold of $2.0000 earlier in the day. Its value has increased by 9.74 percent in the last seven days and by 18.55 percent in the last 24 hours.
Its market cap has increased by 23.00 percent in the last 24 hours, according to CoinMarketCap. Its trading volume has increased by 472.76 percent over this time.
After surging earlier on Friday, MATIC is now in the fall. From an intraday low of 1.2372, the altcoin surged 64.10 percent. It was also the biggest single-session gain since mid-May. Polygon price rose close to a five-month high after breaking beyond the 2.0 barrier.
The bullish outlook is sustainable as long as the Polygon price continues above the previous resistance level of 1.4000. It will almost certainly continue to be volatile in the near future. The 1.5000 zone will most likely provide support. On the upside, the bulls are expected to push the price over the previous resistance level of 1.7030.
Network development on the rise
Polygon Studios, the company’s game, and development division, recently teamed up with Unicly (UNIC), a protocol that combines, fractionalizes and simplifies NFT trading. NFT projects built on Polygon are likely to be eligible for whitelisting and UNIC prizes as a result of this relationship.
During the NFT craze, one notable tendency was the high level of social excitement surrounding protocols that introduced a utility layer to NFTs. Polygon’s utility is expected to increase as a result of this relationship. In reality, Unicly may be able to solve Ethereum’s gas fee problem, allowing the network to once again be pumped.
Based on these events, it’s possible that MATIC, which has been consolidating for over a week, may break out. However, despite expanding network advances, MATIC’s modest transaction volumes and low social anticipation acted as a bottleneck.