- Polygon (MATIC) exploded 13% amid a major rally for cryptocurrencies.
- The gains for MATIC price come amid major network developments and partnerships.
- MATIC could surge even higher, but a retreat to support at $1.40 is also likely.
Polygon is among today’s most impressive performers, with the cryptocurrency’s native MATIC surging 13% in the past 24 hours to break to $1.45. Data from CoinGecko shows the Polygon price traded at $1.28 before the rally that came as the rest of the crypto market ripped higher – led by Bitcoin’s jump to above $25,000.
Today’s rally for MATIC adds to a bullish run over the past two days, with the token’s value climbing from lows of $1.14 on Tuesday.
Why could MATIC price go higher?
Polygon price has benefitted from the overall sentiment across the crypto market, which is reflected in the Bitcoin Fear & Greed Index moving from neutral to greed.
However, the upside momentum has also been down to major developments on the Ethereum scaling protocol.
One of the big announcements is around Square Enix, a leading video game developer from Japan known for titles such as Final Fantasy & Kingdom Hearts. The company is set to launch its Web3 game on the Polygon blockchain. The Plague of Frogs is also coming to Polygon, adding to other partnerships with the National Geographic.
Also key is the upcoming launch of Polygon zkEVM on 27 March 2023, which as CoinJournal recently reported, will bring frictionless scaling to Ethereum. As noted by Orion Depp, Managing Partner at Master Ventures Institutional Investment Management, the zkEVM beta mainnet launch will “revolutionize blockchain transactions.”
Can these developments help MATIC price higher? Crypto trader and investor Luke Martin says MATIC price has only been on the up in 2023 and notes the zkEVM mainnet launch could be fueling the latest pump.
$MATIC is up only in 2023
Looks like zkEVM mainnet launch in March is adding fuel to the move higher
Have absolutely no idea if zkEVM mainnet launch means the token should be worth more but I'm very happy that everyone else thinks that
Respect the pump 📈 pic.twitter.com/FSbWvhT0bb
— Luke Martin (@VentureCoinist) February 16, 2023
If bears retake control, the first major support zone is near $1.40 and then $1.36.