Among the best-performing tokens in today’s bloodbath of a crypto market is Polygon (CCC:MATIC-USD). Currently, Polygon is actually slightly in the green, at a time when the overall crypto market has moved more than 5% lower. Unsurprisingly, this has resulted in a surge in interest among investors in Polygon price predictions.
We’ll get to those in a minute.
First, let’s talk about what’s driving this outsized interest in Polygon. Polygon is what’s known as a layer-2 network, built on top of the Ethereum (CCC:ETH-USD) network. In other words, Polygon helps to process transactions on its side-chain (working alongside Ethereum). There has been a surge in interest for NFTs, decentralized finance (DeFi) and other applications built on top of Ethereum. As a result, network speeds on Ethereum are slow, and transactions costs network remain sky-high. Polygon helps solve these problems.
A popular scaling solution, Polygon has seen volumes grow on its network substantially. Specifically, in the world of NFTs, Polygon is quickly becoming a go-to network. According to recent reports, Polygon’s NFT volumes surged 60% month over month in November, to nearly 2 million transactions per month. This rate is incredible, and speaks to the level of interest in the Polygon network.
Accordingly, many investors are becoming bullish on the MATIC token. Let’s take a look at where the experts see this token headed from here.
Polygon Price Predictions
For context, MATIC currently trades at $2.24 per coin.
- WalletInvestor provides a 1-year and 5-year price target of $4.59 and $12.90, respectively, for MATIC.
- InvestingCube experts think investors should keep an eye on the key $3.50 resistance level for MATIC in the near term.
- CoinQuora’s bullish price target for MATIC is among the highest. This site suggests MATIC could hit $5 this year.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
