Polygon gives Binance Smart Chain a run for its money in Defi as MATIC price shoots to $0.9
Daily MATIC Price Forecast
- Polygon transaction volume goes ballistic amid a general surge in network activity.
- MATIC price launched to new records high of $0.9 as more platforms move to Polygon layer-two platform.
- Closing the day under $0.8 could culminate in overhead pressure rising immensely.
Polygon continues to outperform amid a surge in network activity. Developers are giving more attention to this platform due to the layer-two blockchain solutions for the Ethereum network. In other words, Polygon currently functions as an Ethereum bridge, offering the community faster and cheaper transactions.
Is Polygon a formidable competition to Binance Smart Chain?
Ethereum is facing never-ending challenges related to high gas fees, slow transactions, and scaling problems. Platforms like Binance Smart Chain (BSC) have gained popularity among developers, especially in the decentralized finance (Defi) sector. They try to solve vexing Ethereum issues, especially for heavy transaction loads.
Although BSC is the leading Ethereum bridge network, Polygon gains traction quickly. Its total value locked sits at $ billion compared to BSC’s $6.6 billion as per the data by The Block. According to the on-chain data process by Santiment, transaction volume on Polygon recently hit 1.25 billion.
As the number of transactions spiked, the price hit a new all-time high. Therefore, if this adoption continues to expand, MATIC will soon rise above $1.
Polygon transaction volume
Polygon is pivotal at $0.8 when writing after a retreat from the record high of $0.9. If the price holds above $0.8, MATIC is bound to resume the uptrend to the all-time high. Trading past $0.9 will likely trigger massive buy orders as the volume soars to support price action beyond $1.
MATIC/USD four-hour chart
On the other hand, Polygon is not out of the woods based on the Moving Average Convergence Divergence (MACD). This indicator tracks the trend of an asset and measures its momentum. A break into the positive region (above the mean line) coupled with the MACD line crossing above the signal mine is a call to buy.
However, if the MACD line crosses under the signal line, traders are advised to sell or avoid increasing their stakes, as shown on the chart. At the same time, closing the day under $0.8 may see a surge in selling pressure, thus paving the way for declines under $0.7.