- MATIC price is trapped below the barrier of resistance at $0.96, preparing for another rally to $1.05.
- Polygon Network’s selection for Disney Accelerator Program and MATIC’s push in Web3 and metaverse have fueled a bullish sentiment among holders.
- $1.02 is a key resistance level for MATIC, and a decline below $0.90 could invalidate the bullish thesis.
MATIC price is struggling to push beyond $0.92. After hitting a high of $1.05, the altcoin’s price declined. MATIC price plummeted 4% overnight, hitting $0.92.
There are three key reasons why the Ethereum-scaling solution is likely to make a comeback to the $1.05 level. Polygon is scaling the Ethereum Network with zero-knowledge (Zk) proofs. Zk proofs batch transactions into groups, which are then relayed to the Ethereum network as a single bulk transaction. This helps to dramatically lower the transaction fee for participants.
MATIC network is scaling Ethereum through Zk proofs and the project 0xPolygonID, a self-sovereign private identity solution. The Ethereum layer-2 scaling solution is focused on scaling and potential solutions for secure self-sovereign identity.
As part of its Web3 and metaverse push, GK8 has partnered with Polygon Network. Polygon enables scaling and secure access to Web3 at a lower cost, without sacrificing security. Ethereum’s transition to Proof-of-Stake, the Merge is drawing close. Ahead of the Merge, there is optimism among holders and bullish sentiment for ETH and related projects in the ecosystem.
The tentative date for the Merge is September 15, 2022. Until then, proponents expect a rally in Ethereum and scaling solutions like MATIC. Ethereum’s transition to proof-of-stake eliminates the need for miners and reduces the network’s electricity consumption by 99.5%. This is fueling a bullish sentiment among ETH holders.
MATIC price is likely to recover from its downtrend and make another attempt to hit the weekly high of $1.05. MATIC could suffer a decline soon after. A drop below the $0.89 level could invalidate the bullish thesis for MATIC price recovery.
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