Polygon (MATIC) holds above key level as bulls target $1

Polygon (MATIC) holds above key level as bulls target $1

By Benson Toti - min read
  • Polygon (MATIC) price is poised above $0.85, a key support level that could see bulls eye $1 in coming weeks.
  • Bullish catlysts for crypto and developments in the Polygon ecosystem could buoy MATIC upside momentum.

Polygon (MATIC) price continues to hold above $0.85, a key level above buyers could target the psychological $1 hurdle. Despite the broader market’s lull amid the thinned trading expected this Christmas holiday week, MATIC could still see a major breakout.

Could it be one of the top altcoins under $1 in the market today? Here’s the price outlook for Polygon.

Polygon an “underdog”?

Polygon has not experienced the kind of price explosion some coins have witnessed in 2023 overall or in recent weeks. But Polygon’s zero-knowledge EVM (zkEVM) technology, Chain Development Kit (CDK) and MATIC to POL migration mark a few of the key developments for the blockchain in the year.

Polygon also recently integrated with Chainlink Data Feeds, a move hailed as a likely “game-changer” for the decentralised finance (DeFi) space.

Despite these Polygon founder Sandeep Nailwal thinks the layer-2 blockchain is an “underdog” in the ecosystem.

MATIC price remains above key level

Polygon (MATIC) has not traded above the $1 mark since May this year. Polygon bulls however did move to within touch of the price level in November and earlier this month. MATIC/USD reached highs of $0.98 on November 14 and $0.94 on December 9.

Although prices dipped to lows of $0.76 on December 19, bulls are looking to hold above $0.85 on December 25.

The bullish sentiment across the market and within the Polygon ecosystem could help keep prices from dipping below $0.80. In this case, it’s likely a retest of recent highs near the critical $1 could be on cards before the year ends.

One of the catalysts for further gains in the year could include the highly anticipated spot Bitcoin ETF. Analysts and market experts say the US Securities and Exchange Commission (SEC) could finally give a nod to spot Bitcoin ETFs by January 10, 2024.