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Polygon Price Prediction Ahead of its Network’s Updates
Polygon price has been under intense pressure for the past few days ahead of an audit-upgraded testnet for Polygon’s zkEVM. At the time of writing, MATIC price was 1.67% lower at $1.2604, while the total volume of Polygon traded in the past 24 hours has slipped by 8%. The altcoin has slipped more than 14% in the past week but remains 67% higher in the year to date.
MATIC Price Outlook
Polygon price has been struggling to recoup its recent losses for the past few days. MATIC, the native token of Ethereum scaling solution Polygon, currently ranks as the 8th largest cryptocurrency by market capitalization after Cardano and above Binance USD.
Polygon recently managed to surpass Solana in terms of NFT sales per day, being the second in the market after Ethereum. Polygon has been among the best-performing digital assets since the start of the year, surviving the crypto winter through a series of partnerships with Mastercard, Starbucks, Meta, the NFL, and Disney. The partnerships helped MATIC gain popularity as the token of the largest Ethereum sidechain.
Investors will be closely watching the MATIC price in March as the network’s developers prepare to launch an update. Polygon network’s developers recently announced the launch of zkEVM (zero-knowledge Ethereum Virtual Machine) set for March.
In their recent update, Polygon’s developers said that the zkEVM upgrade would support Etherscan and bring about significant improvement in verifier performance. The upgrade will benefit the network developers and users by scaling the Polygon network, making it speedier, and reducing transaction costs. The updates have also helped Polygon to emerge as one of the leading sidechains of the Ethereum network.
Even with the recent downtrend in the MATIC price, the upcoming upgrades are likely to increase transaction numbers and affordability, motivating the bulls to push the Polygon price higher.
Polygon Price Analysis
The daily chart shows that the Polygon price has been on a steep decline in the past few days, falling nearly 20%. MATIC has moved below the 25-day moving average, while its Relative Strength Index (RSI) inched lower. However, the altcoin has managed to remain above the 50-day and 100-day moving averages.
Therefore, I expect the recent downtrend to be temporary before the MATIC price breakouts higher. A move past the important level of $1.315 will have bulls eyeing the next resistance level at $1.580. On the other hand, a move below the key support at $1.15 will invalidate the bullish thesis.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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