Cryptocurrency rising star Polygon (CCC:MATIC-USD) seems moon-bound today after a number of uplifting news items have crypto bulls jumping on the coin. The 13th-largest crypto by market capitalization, MATIC is up nearly 12% this morning spurring a number of Polygon price predictions.
What has Polygon fans so cheery today?
Polygon is experiencing bullish momentum from several stories today. At the top of the list is the recent release of its zk scaling technology, Plonky2. As per a Polygon blog post,
“Plonky2 is a recursive SNARK that is 100x faster than existing alternatives and natively compatible with Ethereum. It combines PLONK and FRI for the best of STARKs, with fast proofs and no trusted setup, and the best of SNARKs, with support for recursion and low verification cost on Ethereum.”
It’s a big step forward in both transactional speed and cost efficiency for the crypto, adding a slew of utility to the already popular coin.
And that isn’t the only piece of positive news for MATIC. Last night, on Jan. 10, the Associated Press announced it’s launching a non-fungible token (NFT) marketplace for its collection of tokenized photographs. Which crypto network will host the NFTs, you might ask? None other than Ethereum (CCC:ETH-USD) layer-2 scaling network, Polygon.
MATIC bulls have plenty to celebrate today. With Polygon currently sitting at $2.24 per coin, let’s see where the experts think the crypto is heading next.
Polygon Price Predictions: What’s Next for MATIC?
- Wallet Investor sees Polygon as a strong near-term and long-term buy. The platform has a one-year forecast of $4.20 and a five-year price target of $12.45
- Coin Price Forecast is surprisingly even more bullish on the MATIC crypto. It has a year-end forecast of $6.32 per coin, for a 214% increase. And it doesn’t see it stopping anytime soon. Indeed, it predicts Polygon closing 2024 at $11.09 per coin.
- CoinQuora also believes Polygon will be a strong performer through the year and into the future. It forecasts the coin racing past the $2.72 resistance level and surging past its all-time high achieved in December. With that said, it maintains the possibility of losing support around $1.48, which could see the crypto sink back. For 2024, it believes the coin could be battling the $12 resistance level, for strong year-over-year gains.
On the date of publication, Shrey Dua 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 Guideline