Polygon (MATIC-USD), an layer 2 scaling solution, saw its cryptocurrency rally sharply yesterday. MATIC crypto is climbing another 23% today to 52 cents, up from 33 cents on Sunday and 31 cents on Saturday.
The surge was sparked partly by wealthy investors deciding to buy large amounts of the coin. Also helping to spark the gains were Polygon’s efforts to reach carbon neutrality. Meanwhile, multiple websites have issued bullish Polygon price predictions.
Large Investors and Carbon Neutrality Efforts
Those who own between 10,000 and 10 million MATIC coins have cumulatively increased their positions by 8.7% over the past six weeks, Decrypt reported today. Nevertheless, MATIC’s value has tumbled roughly 18% over the same period, as the coin has not been entirely immune to the recent sharp retreat of cryptos.
Nevertheless, Polygon has been breaking out of its inverse head-and-shoulders chart pattern since June 22 and appears to be heading toward a new multi-week high, Cointelegraph reported.
As far as carbon neutrality is concerned, Polygon is working with KlimaDAO, an on-chain carbon market, in order to achieve this goal. By purchasing carbon credits, Polygon claims that it has already offset “the entirety of the network’s CO2 debt since inception.”
Polygon Price Predictions
GovCapital expects MATIC to reach $4.21 in one year. Meanwhile, Wallet Investor calls the coin a bad investment in the long run, predicting MATIC crypto will be 5 cents below its current levels in 12 months.
In between the two websites is DigitalCoinPrice. It predicts that in 2023, MATIC will have an average price of 75 cents.
On the date of publication, Larry Ramer 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.