Bear markets are more difficult than bull markets, where traders can simply throw a dart at any list of coins in order to pick one that will rise. Instead, bear markets require more effort to identify projects that could be profitable over the long-term.
Despite the crypto winter, Polygon (MATIC), a layer two scaling solution for Ethereum (ETH), has shown signs of widespread adoption. It is a project that aims to create a sustainable Web3 infrastructure using the top smart contract platform.
TradingView and Cointelegraph Markets Pro data show that MATIC has increased 118% since it hit a low of $0.316 in June during the worst crypto market sell-off. The price is now at $0.70, which is a major support and opposition level that first appeared back in March 2021.
MATIC/USDT 1-day chart. Source: TradingView
The long-term outlook of Polygon is positive for three reasons: its continued adoption and migration by major entities to the Polygon network, multiple projects being migrated to it, and an increase in platforms offering liquid stake services for MATIC.
Adoption announcements of major importance
Influential mainstream companies are one of the most effective marketing methods a blockchain platform has, as they expose them to a wide range of potential users.
Polygon has formed partnerships with Coca-Cola over the last few months. They released a pride series NFT Collection on the network. Reddit announced on July 7 that it would launch an NFT marketplace on its Polygon network.
Recently, Disney announced that Polygon was selected to be the sole blockchain to participate in 2022 Disney Accelerator, a program which “business development programs designed to accelerate growth of innovative businesses from all over the globe.”
Interrupting the #GreenBlockchainSummit for some breaking news! We are excited to be part of the Disney Accelerator program. https://t.co/LaGU4bhidi
— Polygon – MATIC (@0xPolygon), July 13, 2022
Polygon launches Protocols
The steady integration and migration of projects to the L2 network is another sign of Polygon’s popularity as a scaling option for Ethereum.
48 Projects are landing on @0xPolygon with OnePlanet Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem #onPolygon Read the full recap on Ark*One: https://t.co/lxTh6WVRJB pic.twitter.com/hnDtzmSA9S
OnePlanet landing at Polygon (@OnePlanet_NFT), July 8, 2022
Other than the NFT projects that recently migrated to Polygon (see below), other additions include permissionless credit protocol RociFi and the multi-chain decentralized exchange WOO network.
MATIC has seen an increase in the number of platforms offering liquid staking for tokens, which allows holders to earn staking reward points.
2/3 Farming opportunities:@LidoFinance & @BalancerLabs – 12% [email protected]_Polygon & @Meshswap_Fi – 13% [email protected]_HQ – 9% [email protected] – 9% APY
— DeFi Pulse (@defipulse), July 12, 2022
Similar: Terra projects join forces in migration to the Polygon ecosystem
Traders anticipate resistance at $0.75
Crypto Tony, a market analyst and pseudonymous tweeter, posted this chart suggesting that MATIC could move higher towards resistance at $0.75.
MATIC/USDT 4-hour chart. Source: Twitter
Crypto Tony said.
“Looking to flip the EQ high up to the range high. We would love to consolidate a little more below this area.
Trader McGavin posted this chart, noting that MATIC was “Filling out an ascending triangle” and is ready to break through in the coming days.
MATIC/USDT 1-day chart. Source: Twitter
Trader McGavin stated,
A breakout would allow for a move up to $0.80, then $1. There have been tons of positive catalysts in the past few weeks that drove this huge move from the lows. You should do your research before making any investment or trading decision.
Eileen Wilson –Technology and Energy
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