Polygon (MATIC) price has recorded an intense bullish push over the past couple of weeks. The coin’s upcoming merger with Ethereum appears to have triggered the rebound.
MATIC price is extremely bullish, reaching a high of $0.9075, which is a bit below the July ATH seen at $1.01. MATIC is up more than 190% from its July low, bringing its total market capitalization to just over $6.7 billion.
Polygon making strong connections
Polygon is a revolutionary Layer 2 cryptocurrency scaling solution for the purpose of amplifying applications built in the Ethereum network. Polygon is able to scale a plethora of applications by processing transactions outside of the Ethereum network.
It is said to process 65,000 transactions per second and boasts of low transaction fees. Popular DeFi tokens built on Polygon’s ecosystem include SushiSwap, Uniswap, Curve, and Aave.
Polygon has also partnered with Walt Disney for its Disney 2022 Accelerator Program, Disney for AI, AR, and NFT Exploration, and also more recently with Reddit with the upcoming launch of Collectibles Avatar NFT Marketplace. . More so, they also had partnerships with Stripe and Twitter.
Around 48 Terra projects also migrated to Polygon after its dismal implosion, including Derby Stars and OnePlanet.
MATIC recorded a TVL of $1.85 billion, which is comparatively lower than its ATH of over $6 billion.
The 4-hour chart of MATIC shows a bull run
The four-hour chart of MATIC clearly shows that the price is going for a bullish run over the past two weeks which has turned into an ascending channel pattern in green. Currently, the MATIC price is expected to break above the 25-day and 50-day moving average, with the RSI moving above the neutral zone.
With that in mind, MATIC is likely to rise as bulls eye the next key resistance at $1.50; Dropping slightly below the $0.8500 support zone will demystify the bullish view.
The price of polygon has risen aggressively over the past two weeks following news of a merger with Ethereum that is expected to take place in September.
Analysts are confident that the majority of developers will choose to stay on Ethereum, which has proven to be incredibly faster compared to other networks.
Following its recent rally, Polygon is now nicknamed the 13e the largest crypto by market cap with a valuation of $7 billion, surpassing Shiba Inu and Avalanche.
Crypto total market cap at $1.04 trillion on the daily chart | Source: TradingView.com Featured image from Cryptopolitan, chart from TradingView.com