polygon has been stuck in its current sideways movement since the second half of 2022. Since then, ecosystem native token MATIC has not broken its current support of $0.7550. This point has put MATIC in a very delicate situation, even if Polygon sets itself apart from the competition.
Polygon gets strong
However, the ecosystem ended 2022 on a nice note. Although the bear market of the year has pierced MATIC’s profits, the partnership ecosystem is thriving.
At the time of writing, the Ethereum L2 has over 20 partnerships with big brands like Nike, StarBucks and Reddit. They were mainly concerned with finding the ideal NFT-To be a platform for their respective NFT collections or marketplace. Year to datePolygon’s NFT market reached $305 million in trade value.
This isn’t the only bullish development on the platform.
Bhavish Finance, a newly built prediction market platform, has reached new highs. According to Bhavish’s recent tweet regarding its key metrics, the market platform has hurt 1,100 weekly active users with over $1.287 million in predictions made on the platform.
According to Bhavish’s own website, the platform processes over $90-$100 million worth of predictions and wins $2.5-$3.5 million on average.
Considerable headwind expected
The ecosystem is certainly bullish, but the token is far from it. At press time, MATIC is up just 0.1%, showing signs of potential weakness.
MATIC certainly suffered along with the entire crypto market following the collapse of crypto exchange FTX. Shows a strong correlation to Bitcoin and EthereumMATIC faces a bumpy 2023.
If ever BTC and ETH continue to suffer possible hikes In the interests of the Fed, we could see MATIC take more pain. However, this is offset by striking developments in the chain.
MATIC total market cap at $6.8 billion on the daily chart | Chart: TradingView.com
Most notable is the migration from y00ts and DeGods NFT collection to Polygon. This is a massive win for Polygon and Ethereum against the touted “Ethereum Killer” Solana. But with MATIC stuck on an oscillating path for now, token holders are yet to benefit from the ecosystem’s growth.
For investors and traders, the current support that is so strong can support any upside growth. However, any bullish momentum that can be gained can only be above the current one Resistance can be reached at $0.8157. As the year is just beginning, investors and traders should exercise caution as this sideways movement can always break towards $0.7163.
-Featured image: Karate by Jesses
Source: Crypto News Deutsch