Unlike bull markets where traders can essentially throw a dart at a summary of coins to choose one which will increase, bear markets require a lot more effort to locate projects that may succeed within the lengthy-run.
One project which has ongoing to exhibit indications of mainstream adoption regardless of the start of a crypto winter is Polygon (MATIC), a layer-two scaling solution for that Ethereum (ETH) network that’s searching to construct a sustainable Web3 infrastructure on top smart contract platform.
Data from Cointelegraph Markets Pro and TradingView implies that since hitting a minimal of $.316 on June 18 throughout the worst from the crypto market sell-off, MATIC has rose 118% to $.70 in which the cost now sits in a major support and level of resistance that first made an appearance in March 2021.
Three good reasons why the lengthy-term outlook for Polygon remains positive include its ongoing adoption by mainstream entities, the migration of multiple projects towards the Polygon network and a rise in the platforms offering liquid staking services for MATIC.
Major adoption bulletins
Adoption by influential mainstream companies is among the best types of marketing that the blockchain platform will get because it exposes these to a sizable pool of potential users.
Previously couple of several weeks, Polygon has built partnerships with Coca-Cola, which released a pride series NFT collection around the network and Reddit, which announced it had become launching an NFT marketplace around the Polygon network on This summer 7.
Most lately, it had been announced that Polygon continues to be selected by Disney is the only blockchain incorporated within the 2022 Disney Accelerator program, a “business development program made to accelerate the development of innovative companies from around the globe.”
Interrupting the #GreenBlockchainSummit for many breaking news!
We are excited is the only blockchain selected to take part in the Disney Accelerator program. https://t.co/LaGU4bhidi
— Polygon – MATIC (@0xPolygon) This summer 13, 2022
Protocols launch on Polygon
Further proof of the increasing recognition of Polygon like a go-to scaling solution for Ethereum continues to be the steady migration and integration of projects using the L2 network.
48 Projects are landing on @0xPolygon with OnePlanet
Because of all of the Ark*One partner projects and @polygonstudios, many of us are moving together to rebuild and also be the NFT ecosystem #onPolygon
Browse the full recap on Ark*One: https://t.co/lxTh6WVRJB pic.twitter.com/hnDtzmSA9S
— OnePlanet ˡᵃⁿᵈⁱⁿᵍ ᵒⁿ ᴾᵒˡʸᵍᵒⁿ (@OnePlanet_NFT) This summer 8, 2022
Besides the recent NFT projects which have migrated to Polygon, other new additions range from the permissionless, credit protocol RociFi, and WOO network’s multi-chain decentralized exchange.
MATIC has additionally seen an increasing number of platforms that provide liquid staking for that token which helps holders to earn staking rewards.
2/3 Farming possibilities:@LidoFinance & @BalancerLabs – 12% APY@Stader_Polygon & @Meshswap_Fi – 13% APY@Claystack_HQ – 9% APY@ankrstaking – 9% APY
— DeFi Pulse (@defipulse) This summer 12, 2022
Related: Terra projects band together in migration to Polygon ecosystem
Traders expect resistance at $.75
For what comes next for MATIC cost, market analyst and pseudonymous Twitter user Crypto Tony published the next chart suggesting the token could mind greater toward resistance in the $.75 level.
Crypto Tony stated,
“Looking for any switch from the EQ to the range high. Would like to see us consolidate much more time underneath el born area.”
This outlook was further reinforced by Trader McGavin, who published the next chart noting that MATIC is “Filling the climbing triangular and appears prepared to breakout within the future.”
Trader McGavin stated,
“A breakout would open moving to $.80 after which $1. Lot of positive catalysts during the last couple of days driving this big move from the lows.”
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