Polygon MATIC hit a new all-time high price today following a massive 25% rally in value. The token’s price increase has made profits for nearly all of its holders. MATIC has performed well on the market this year, becoming one of the most valuable coins on the market. Holders of the coin have experienced some local highs this year alone.
According to data obtained on Coinmarketcap, MATIC hit $2.20 today at exactly 01:00 EST. The token rallied 25% to hit that price after weeks of gathering momentum. Between June and August, MATIC did 150% to trade at $1.68. It has since gathered momentum to test the next resistance at $2.45.
Data obtained from IntoTheBlock confirms that only 0.78% of MATIC holders are not in profit. MATIC is available on both DEX and CEX for investors who wish to trade it. As of writing, the token has a total value locked (TVL) of $8.37 billion and a market cap of $14.6 billion.
Polygon Development
Polygon is a protocol that provides inter-chain connectivity between Ethereum blockchain and other compatible blockchain networks. Polygon brought a solution that helped to integrate DeFi products that were long unable to deploy on Ethereum. To date, creators use Polygon to interact with the second-biggest blockchain in the industry.
Polygon’s value has experienced massive rallies due to the rise in its use cases. As new projects are developed, they have to utilize Polygon’s MATIC for cross-chain transactions and to network fees. Known as the internet of blockchains, Polygon has helped to simplify the bottlenecks associated with Ethereum.
Recent partnerships and projects launched on Polygon are responsible for its rally. A Polygon-based ETP was announced on Wednesday. 21Shares polygon ETP will be launched in Paris and Amsterdam next year. A liquidity decentralized exchange was also launched on Polygon recently to provide higher returns for liquidity providers.
Orion Money and Abracadabra have also announced that they are deploying their respective products on Polygon. Polygon also has a running partnership with at least 3 other protocols that it partners with to read more clients.
MATIC Price Action
MATIC still follows its November 19 uptrend that brought it to a new high price in 7 months. The token has maintained the uptrend despite strong retracements within that time. According to data obtained from IOMP, the number of open positions on MATIC are bullish, showing a considerable profit. IOMP data also shows a negligible number in a loss.
The token is approaching a resistance zone having a momentum that may be sufficient to break it. The IOMP indicator is also used to determine the support and resistance zones. It has shown that MATIC’s support, at an average of $1.86, may not be retested soon.
Polygon Matic sits at number 16 on Coinmarketcap, but Polygon is fast becoming a widely-accepted protocol among others that offer Ethereum operability. Future investments may improve its intrinsic value, bringing the extra momentum that it needs to cruise to a new ATH.
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