News
Polygon’s MATIC Forms Head and Shoulders Pattern
Polygon, the leading scaling solution for Ethereum, is gearing for what will be a great year for the network. This is one of the few reasons why MATIC price has risen above $1 after slumping to $0.32 in 2022.
Polygon launches in 2023
Polygon is the biggest Ethereum scaling solution in the world. The network makes it possible for developers to build faster and cheaper-to-use dApps in industries like DeFi and NFTs. According to DeFi Llama, it is the fourth-biggest chain in the blockchain industry after Ethereum, BNB Chain, and Tron. Its top scaling solutions are Arbitrum and Polygon.
Polygon is gearing for a big year in 2023 after going through a challenging period in 2022. The number of unique active addresses rose by more than 211% in 2022 to over 22 million. Network revenue rose by 156% to $26 million even as cryptocurrencies plunged. Also, the number of direct contract creations and craters rose to 795k and 237k, respectively.
2023 will be characterized by several things. First, Ethereum developers are expected to introduce sharding to its network, which will lead to faster speeds and lower costs. These improvements will also flow to scaling solutions like Polygon, Arbitrum, and Optimism.
The other key catalyst for MATIC price in 2023 will be the launch of zkEVM product. This is a zero-knowledge rollup that will lead to more improved performance in the network. Zk rollups are usually much faster than normal sidechains.
Polygon is also expected to launch Polygon Zero, which uses the speed of Plonky2 to enable a more scalable and decentralized layer. It also provides both rollup and validium modes. The product will be launched later this year.
Polygon will also launch Miden, a STARK-based zk platform that will support arbitrary smart contracts. Before Ethereum sharding, the platform will be able to handle of 1,000 transactions per second. This figure will then scale up to 10,000 tps.
MATIC price forecast
MATIC crypto price has formed a head-and-shoulders pattern on the 4H chart. In most periods, this pattern usually leads to a bearish breakout. It is now forming the right shoulder while its neckline is t $0.73. Therefore, the outlook of Polygon is bearish, with the next key level to watch being at $0.40. This price is derived from measuring the distance from the head to the neckline.
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…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoIs Litecoin (LTC) Changing Its Game Plan By Going For Mass Adoption?
