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Polygon (MATIC) continued its strong gains after a week of volatility. The token is now trading at $1.14 up 45.3% in monthly period of time.
Analyst has been very bullish after the token broke $1.
With solid on-chain development fueling the current bullish sentiment for MATIC, we may see more positive price action for the crypto in the coming days or weeks.
Polygon Weekly Roundup Shows Bullishness
Official Twitter account Polygon produces what they call Weekly Briefings, summaries of positive on-chain developments in the ecosystem.
in this week roundingPolygon managed to hard fork to improve performance.
According to the video, the update is focused on how Polygon handles reorg and gas spikes. Reorg is a temporary copy of the entire blockchain ecosystem. Reducing this improves the blockchain user experience.
Weekly briefings are HERE. 🔥
We have lots of exciting updates this week. Chase #onPolygon & all things #web3 with @ChadHugghins 👇🏾@fractalwagmi @ZenGo @justape_ @theunioverse @uncakable pic.twitter.com/uKv5JejP9h
— Polygon (@0xPoligon) January 25, 2023
Reducing gas spikes will allow users and developers to save on gas costs as rate increases at times of demand will be much smoother.
Fractalsa Web3 game development platform, also present at Polygon, further strengthens its reach in the Web3 game industry.
#MATIC burning tokens! jumped 9.72% in the last 24 hours and up 37.38% since December 31.
With daily spikes in transactions, Polygon has become the second largest blockchain for daily active users.
Source: @tokenterminal #BNB #ETH #Polygon #Layer2 pic.twitter.com/HtxBrgmroF
— Elite Crypto (@TheEliteCrypto) January 27, 2023
The zkEVM Polygon update is also imminent. Co-Founder of Polygon Labs Sandeep Nailwal recently tweeted about this upgrade, said they already have a mainnet release date for the update.
ZkEVM is an Ethereum compatible scaling solution that will enhance the compatibility of existing smart contracts built on the Ethereum network.
With a Break of $1, Investors Should Watch This Level
At the time of writing, token targeting the $1.16 resistance to regain ground lost on Nov. 10. If the token closes above this resistance, a continuation of the rally is likely or MATIC bulls may attempt to consolidate above $1.16.
MATIC targeting the $1.16 resistance. Chart: TradingView
If the bulls fail to hit one or both, we might see MATIC fall back to sub-$1 levels or around the $0.9493 support range.
Investors and traders should also pay attention to the price movements of major cryptocurrencies such as Bitcoin and Ethereum.
On Saturday, both Bitcoins and Ethereum have retested their ultimate resistance. If any of these break through and consolidate, MATIC will follow the other altcoins.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Positive on-chain developments will also support the current price action.
Breaking $1.16 should be the focus of investors and traders alike. Should the token face resistance, $0.9493 will be critical for Matic’s long-term prospects. But MATIC bulls can also see support at $1.0754.
Featured image from Ethereum World News
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