• 22 June, 2024
News

Polygon Price Hikes as Web 2 Companies Integrate NFTs Into Their Platforms

Polygon has experienced a tremendous surge in popularity over the past two months, as more and more web 2 companies begin to integrate Metaverse assets into their platforms. This growth is driven by several factors, including Polygon’s cutting-edge technology and partnerships with major companies like Starbucks to offer an NFT-based loyalty program.

Many notable businesses like Meta and Reddit took interest in Polygon last September. They saw our platform as the perfect place to launch their NFT products.

Is Polygon’s NFT sales in October of importance?

The potential growth for the network is certainly significant. Polygon is poised to become one of the leading NFT platforms in the market, and its success will likely be driven by adoption from major companies like Starbucks and Reddit. Meta has teamed up with Polygon to bring NFT collectibles to Instagram, where they can be minted, displayed, and traded.

Polygon is becoming increasingly popular as the NFT market rapidly advances. Most companies will rather use an existing network than create one from nothing, and Polygon provides that opportunity.

Polygon’s adoption by some of the top Web2 companies is a major advantage for the network that could incentivize more businesses to follow suit. As more and more companies start to see the value of integrating NFTs into their platforms, Polygon is sure to continue its rapid growth. The Polygon blockchain is growing steadily, with new active addresses being registered daily. According to Cryptorank, Polygon is currently ranked 3rd in terms of fee generation by smart contracts, after Ethereum and Binance Chain.

Tokenterminal reports that the network has monthly revenue of $1.1M, with Ethereum generating the most at $504M. Furthermore, it has accumulated $3m in fees every month.

Polygon price follows suit as more and more companies invest in the platform

Polygon price analysis indicates MATIC climbed to as high as $1.275 before the recent market turmoil. Polygon fell towards the $0.91 level where it is trading around now, but with all signs indicating a rebound, it is likely to break through the $1.00 mark in the near future.

The technical indicators are bullish, with the MACD and Stochastic indicators both indicating a potential breakout. Polygon has also shown strong support in the $0.9-$0.91 range, with a firm resistance level at the $1.00 mark.

The Moving Average Convergence Divergence (MACD) momentum indicator has just crossed over its signal line, indicating a possible uptrend. Additionally, the Stochastic RSI is also showing strong bullish signals with a rising trend line and an upward crossover of the 65 levels.

MATIC/USD daily chart:TradingView

The 50-day Moving Average has acted as a reliable support level in the past, while the 200-day MA and MACD support levels have also provided strong resistance to price fluctuations.

It seems that Polygon is set for a major breakout in the near future, as more and more companies continue to invest in its innovative platform. With such high potential growth ahead, it is a very promising investment, and one that is sure to see significant gains in the months to come.​

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