The Robinhood (NASDAQ:HOOD) crypto news is translating nicely into some big gains for lucky projects. The company is expanding on its current crypto offering with the addition of four new currencies. One of these projects is Polygon (MATIC-USD). A network with an already strong user base, the MATIC Robinhood listing will expose the coin to a new demographic of investors. Will the news help Polygon surge back to its all-time high? Investors want to know, and they’re seeking out Polygon price predictions to find out.
Polygon is a network that’s picked up a fair bit of momentum in the last year. While initially launched upward as part of the market-wide boom of spring 2021, the coin has retained its value by offering an important service. Polygon is a layer-2 network, existing atop Ethereum (ETH-USD). Ethereum users can tap Polygon for data transactions. By outsourcing transactions to the layer-2, one can subvert the slow transaction settlement time, while also avoiding the high gas fees associated with the network.
The demand for the Polygon network continues to rise, especially given the increasing number of active Ethereum users. The Ethereum network is only capable of a few dozens transactions per second, and with over 500,000 active users, there can be thousands of transactions made every hour. Polygon is the most reputable tool that exists to help alleviate this bottlenecking. As a result, MATIC prices continue to see sporadic upward tears. In December, the coin hit its all-time high of $2.92 before slipping.
Polygon Price Predictions: Can MATIC Make Magic Out of Robinhood Listing?
The Polygon network is seeing a great catalyst today. E-trading platform Robinhood is listing four new currencies to bulk up its crypto trading floor. MATIC happens to be one of the lucky currencies.
The news is huge for Polygon. Robinhood is providing massive crypto exposure to its users — many of whom have little to no knowledge of crypto. Nonetheless, as these investors become more interested in the asset class, the exclusive list of Robinhood cryptos will best benefit, since they are the most easily accessible.
As a result of the news, MATIC is seeing a gain of 5%, bringing prices to $1.43. Trading volume is also on the rise, trending up by 40%. Can the coin capitalize on the bullish momentum, and charge back toward new heights? Let’s take a look at some Polygon price predictions and see what analysts are thinking:
- CoinPriceForecast is targeting an end-of-year value of $1.86 for MATIC.
- Similarly, DigitalCoin is forecasting a $1.84 price for the coin by December of 2022.
- Wallet Investor expects MATIC to smash through the $2 mark in the next 12 months; the site predicts an April 2023 price of $2.61.
- Far more bullish than other outlets is Gov Capital. The site is expecting MATIC prices to reach a whopping $7.09 by April of next year.
On the date of publication, Brenden Rearick did not hold (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.