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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.
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
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