Table of Contents
What is Polygon (MATIC)?
Polygon is a blockchain solution that aims to solve the scalability issues faced by the Ethereum network. It is designed to speed up processes on the Ethereum blockchain and make it more efficient, thus reducing transaction fees. Polygon is also known as the “Internet of the Ethereum blockchain” as it is helping the network to overcome some of its major issues.
The project was initially called Matic, but the team decided to rebrand it to Polygon as the project evolved. However, the utility token used by the network for payments, staking, and governance is still known as MATIC and is available across several cryptocurrency exchanges, including Binance and Bybit.
The rebranding was done to more accurately reflect that Polygon is not just a layer two solution but an ecosystem of collaborative blockchains that can scale massively without losing their self-sovereignty. In simpler terms, Polygon helps the Ethereum network to work faster, more efficiently, and at a lower cost.
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How Does Polygon (MATIC) Work?
To better understand how Polygon Matic works, we will need to view it as a four-layered structure where every layer represents a stage of the process. The layers can be viewed as follows:
- First layer: Ethereum network
- Second layer: Security layer
- Third layer: Polygon network
- Fourth layer: Execution layer
The first layer interacts directly with the Polygon chains and is liable for finalizing transactions and staking. The second layer brings additional security and offers validators as a service. The third layer itself is an amalgamation of layers that handles local consensus, validation (block production), and collating transactions.
The final layer handles the transactions that are being executed on the main Polygon network. It is also a combination of two different layers, i.e., Execution environment and Execution logic. The first one operates as a plugin-play, while the second one is written in Ethereum smart contracts.
What are Polygon (MATIC) Chains?
There are two types of Polygon chains:
- Stand-alone Chains
- Secured Chains
Stand-alone chains operate independently and are responsible for the network’s security. They have their own set of validators, providing more flexibility and independence for operations. These chains are ideal for large-scale projects with big communities, such as enterprise projects.
Secured chains, on the other hand, do not have their own validators. Instead, they rely on security-as-a-service. These chains allow users to opt for securities from shared ecosystems like Polkadot. While they may not be as flexible as stand-alone chains, they offer improved security.
Polygon (MATIC) Transaction Speed?
Polygon is designed to improve the transaction speed for projects that are built on the Ethereum blockchain. The team behind Polygon, also known as Matic, claims that it is capable of processing millions of transactions per second. While this is a very high number, the current best recorded for Polygon is 65,000 transactions per second. This is still a significant improvement compared to Ethereum.
Where to Buy Polygon (MATIC)?
MATIC, the utility token used by the Polygon network for payments, staking, and governance, can be purchased or traded on most decentralized and centralized crypto exchanges. For those new to the crypto space, it is recommended to purchase MATIC directly from a centralized crypto exchange with low fees, as these exchanges are user-friendly and typically offer excellent security measures. The exchanges where you can buy MATIC include:
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Polygon (MATIC) Price History
Polygon (MATIC) in 2021
2021 was an excellent year for the majority of the top-ranked altcoins, and MATIC was no exception. On 01 January 2021, MATIC was valued at a mere $0.018 apiece. As the bull market picked pace, the price started to go parabolic, and MATIC managed to touch the $2.45 mark by mid-year.
Q3 was relatively quieter, but the price started to gain momentum once again in Q4, and MATIC managed to create a new all-time high of $2.92 in December. The price closed the year around the $2.74 mark.
Polygon (MATIC) in 2022
2022 was a bearish year, and like all major cryptocurrencies, MATIC also suffered. The price started the year at $2.55 but continued to drop week after week. By June, the price had fallen to a yearly low of $0.34, and things did not look hopeful for the layered-2 solution.
However, the price started to gain momentum after that, and MATIC ended up closing the year around the $0.80 mark.
Polygon (MATIC) Technical Analysis:
If we take a quick look at the 1-week charts for MATIC, the first thing we will notice is that the price lost approximately 70% of its total value in 2022.
We can also notice the double-top bearish structure formed by the end of 2021 and how it played out nicely in 2022.
Right now, we can notice that the price has found some support at the $0.70 mark and continues to stay above it. If MATIC starts gaining momentum here, our next target for it would be around the $1.70 mark.
The $1.70 mark has significance because it is where the price previously faced rejection in March last year
Polygon (MATIC) Price Prediction 2023
It is likely that MATIC will start gaining momentum in 2023, and we will see it move toward a higher level. According to the DigitalCoinPrice forecast, MATIC can go as high as $2.23 in 2023. The lowest expected price this year would be around the $0.84 mark.
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January 2023: Polygon Price Forecast
In January, we are expecting some bullishness from MATIC. According to the forecast, the price could go as high as $2.20 and as low as $0.91. On average, MATIC will be trading around $2.04 in January.
MATIC Price forecast for February
The price for MATIC is expected to go as high as $2.22 in February 2023. The lower level we will be watching this month is the $0.89 region. The average price for Polygon will be around $1.75 during this month.
March 2023: Polygon Price Forecast
March will be similar to February as the price is expected to go back and forth between $0.86 and $2.17. The average price for MATIC during this month is projected to be around $1.74.
MATIC Price forecast for April
In April, we can witness some bearish movement for MATIC as the projected average price is around $1.44. However, the price could also go as high as $2.18, and the lower level to watch will be around $0.88.
May 2023: Polygon Price Forecast
Some bullish movement is expected in the month of May as the projected average price is around the $1.88 mark. The price could also go as low as $0.86 or as high as $2.20
MATIC Price forecast for June
The price is expected to trade between $0.89 and $2.22 in the month of June. On average, we will see MATIC trade around the $1.63 mark during this period.
July 2023: Polygon Price Forecast
It is likely that the price will drop in the month of July. The average price will be around $1.13, and the price will likely touch the $0.90 mark in a bearish case. However, if bullishness continues, we can also expect MATIC to touch $2.19.
MATIC Price forecast for August
August will bring green candles again, as the price could go as high as $2.19. The average projected price for this month is around the $1.97 mark, and the lower level will be around $0.86.
September 2023: Polygon Price Forecast
The maximum expected price for MATIC in September is around $2.19, and the minimum expected price is around $0.84. On average, the price is expected to hover around $2.16.
MATIC Price forecast for October
The projected numbers for October are relatively bearish. The price is still expected to hover between $0.85 and $2.13. However, the projected average price is around $1.24 for this month.
November 2023: Polygon Price Forecast
In November, we can expect some positive movements. The maximum price could be around the $2.15 mark, and the lower level to watch will be around $0.88. The average projected price is around $1.84, which is significantly higher than the last month.
MATIC Price forecast for December
Volatility is expected in December as the average projected price is around $1.07. The price could go as high as $2.18 during this month and could also drop to $0.84.
Polygon (MATIC) Price Prediction 2024
According to the DigitalCoinPrice forecast, 2024 will be a year where MATIC will see plenty of sideways movement. The maximum level that the price could reach during this month is around $2.62, and the minimum level to watch is the $2.14 mark.
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Polygon (MATIC) Price Prediction 2025
In 2025, some bullishness is expected on the Polygon chain. The projected maximum price for MATIC this year is around the $3.69 mark. In a bearish scenario, the price could go as low as $2.94 in 2025.
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Polygon (MATIC) Price Prediction 2030
MATIC is arguably one of the top-performing cryptocurrencies in the world and is a decent choice for long-term investment. The layered two solutions offered by Polygon (MATIC) are second to none, and as crypto becomes more mainstream, the demand for MATIC is likely to rise. Predicting how high it will go by 2030 is quite difficult as the crypto market is highly volatile. However, we can expect MATIC to trade around the $4.00 mark by 2030 if things go smoothly.
Conclusion: Is Polygon (MATIC) a Good Investment?
Whether or not Polygon (MATIC) is a good investment depends on its potential to address the scalability and transaction issues faced by the Ethereum network and other projects running on it. As Ethereum grows and becomes more mainstream, the network may experience high traffic and gas fees. Polygon (MATIC) aims to solve these issues by allowing users to process thousands of transactions per second regardless of network traffic.
Additionally, Polygon is bringing different blockchains together and making it easy for projects to move from one blockchain to another, addressing scalability and interoperability issues in the crypto space.
However, it is important to note that the crypto market is highly unpredictable, and you are advised to only invest an amount you are willing to lose. Before making any investment, it is always recommended to conduct thorough research and consult with a financial advisor.
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Frequently Asked Questions – FAQs
A: Polygon (MAITC) is among the most reputable project in the crypto space, and we have seen it have a great run in the recent bull market. It provides actual solutions to some of the existing problems in the crypto space, which makes it a solid investment option
A: The project was initially referred to as MATIC when it was launched, but the team decided to change the name as it evolved. Currently, Polygon is the name given to the layer-2 solution, and MATIC is the name for its native token.
A: MATIC is not trading in the lower levels at the moment and is far from its all-time high. The price is not exactly at the bottom, but it isn’t high either. As of now, it is looking like a good buy for traders who are in it for the long term.