Unlike bull markets where traders can essentially throw a dart at a list of coins to pick one that will go up, bear markets require a lot more effort to find projects that might work well in the long run.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.316 on June 18 in the crypto market’s worst selloff, MATIC has climbed 118% to $0.70, where the price now sits at a support level and major resistance that first appeared in March 2021.
Three reasons why Polygon’s long-term outlook remains positive are its continued adoption by mainstream entities, the migration of several projects to the Polygon network, and an increase in platforms offering liquid staking services for MATIC.
Major Adoption Announcements
Adoption by influential mainstream companies is one of the best forms of marketing a blockchain platform can receive as it exposes them to a large pool of potential users.
Over the past few months, Polygon has partnered with Coca-Cola, which released a collection of Pride Series Non-Fungible Tokens (NFTs) on the network, and Reddit, which announced it was launching an NFT Marketplace on the Polygon network on July 7.
More recently it was announcement that Polygon was selected by Disney to be the only blockchain included in the Disney Accelerator 2022 program, a “business development program designed to accelerate the growth of innovative companies around the world”.
Interrupt the #GreenBlockchainSummit for some last minute news!
We are thrilled to be the only blockchain chosen to be part of the Disney Accelerator program. https://t.co/LaGU4bhidi
— Polygon – MATIC (@0xPolygon) July 13, 2022
Launch of protocols on Polygon
Another proof of Polygon’s growing popularity as a go-to scaling solution for Ethereum has been the regular migration and integration of projects with the L2 network.
48 projects land on @0xPolygon with OnePlanet
— OnePlanet ˡᵃⁿᵈⁱⁿᵍ ᵒⁿ ᴾᵒˡʸᵍᵒⁿ (@OnePlanet_NFT) July 8, 2022
Along with recent NFT projects that migrated to Polygon, other new additions include the RociFi permissionless credit protocol and the WOO network’s multi-chain decentralized exchange.
MATIC has also seen a growing number of platforms that offer liquid staking for the token, allowing holders to earn staking rewards.
— DeFi Pulse (@defipulse) July 12, 2022
Traders expect resistance at $0.75
As for what’s next for MATIC price, market analyst and pseudonymous Twitter user Crypto Tony job the following chart, suggesting that the token might be heading towards resistance at the $0.75 level.
Crypto Tony said,
“Looking for an EQ rollover to the high range. Would love to see us consolidate a bit longer under that area.
This perspective was further reinforced by Trader McGavin, who job the following chart, noting that MATIC “fills in the ascending triangle and looks set to break out in the coming days.”
Trader McGavin said,
“A breakout would open a move to $0.80 and then to $1. Tons of positive catalysts over the past few weeks drove this big move off the lows.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.