Polygon Hits Impressive Milestone as Cryptocurrency MATIC Shows Signs of 17% Rise

The Polygon (MATIC) blockchain reached an impressive milestone in its ecosystem recently by surpassing 4 billion total transactions. Amid the recent milestone, blockchain is re-emerging with a potential significant price increase, according to an analysis by a renowned cryptocurrency expert.

In a technical analysis shared on May 21, analyst Ali Martinez noted the recent movement of the Polygon cryptocurrency, highlighting that the token has been giving off bullish signals. According to the expert, MATIC has been consolidating itself in a parallel channel that could lead the cryptocurrency to reach a price of US$0.88 if it manages to establish itself above US$0.76.

“Polygon has been consolidating in a parallel channel over the past month. A break above $0.76 could trigger a 17% rally, pushing $MATIC to $0.88,” he wrote.

#Polygon has been consolidating within a parallel channel for the past month. A breakout above $0.76 could trigger a 17% surge, pushing $MATIC to $0.88! pic.twitter.com/urP5ncFEyQ

— Ali (@ali_charts) May 21, 2024

At the time of publication, Polygon’s price was quoted at US$0.00001304 with an increase of 4.0% in the last 24 hours.

The cryptocurrency market is witnessing yet another impressive milestone with the Polygon (MATIC) blockchain, which surpassed 4 billion total transactions in May 2023. This feat comes less than four years after the network’s launch in June 2020, highlighting a exponential growth compared to established giants like Bitcoin and Ethereum.

Since September 2023, when the network celebrated 3 billion transactions, it didn’t take long for an additional billion to be processed, reflecting the skyrocketing rise in adoption and usage of the platform. Activity on the network is evidenced by the daily number of active users, which has remained above 1 million since March 19, for more than 60 consecutive days.

NEW:

Polygon PoS has reached 4B total transactions processed. pic.twitter.com/ZifZDTqs2Z

— Today In Polygon (@TodayInPolygon) May 17, 2024

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.