This year has been a tough sail for Polygon since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of MATIC.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Polygon to reclaim its all-time high in 2023? Continue with the article to learn about Polygon price analysis and prediction by Coinpaper.
Read also: Polygon's MATIC is up 48% since start of 2023
What is Polygon?
Polygon (previously Matic Network) is a Layer 2 blockchain that aims to improve the speed and reduce the cost and complexities of transactions on Ethereum. Polygon is a multi-layer platform that is composed of numerous sidechains, which makes its architecture similar to that of Polkadot and Avalanche. Its native token MATIC is used to pay for network fees, secure the blockchain through staking, and vote on protocol upgrades.
Polygon (MATIC) price
Currently, Polygon Price is USD. MATIC has a circulating supply of coins and a total supply of . If you are looking to buy or sell Polygon, Binance is currently the most active exchange.
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Polygon price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Polygon 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Polygon price at $1.43 to $1.76. On the flip side, a fading interest in the new meme coin may push the price of Polygon to $0.85-$0.56 lows.
Polygon price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Polygon (MATIC) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Polygon to climb as high as $1.94, with the more distant prospect of reaching $2.39 in 2024. The bearish scenario is likely to see Polygon (MATIC) trading between $1.38 and $0.96 in 2024.
Polygon price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Polygon (MATIC) price analysis and prediction is based on pure speculation and observation of Polygon historical price movements.
Our Polygon 2025 price forecast expects MATIC to rally towards $2.78 and reach $3.57 by the end of the year. The bearish scenario would see Polygon at $2.11 to $1.82.
Polygon (MATIC) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Polygon is neutral. In 2026, we expect Polygon to reach at least $4.27 before climbing higher to $5.83. In case of a bearish scenario, Polygon may fall to $3.26.
Is Polygon (MATIC) a good investment?
With continued developments taking place within the Polygon ecosystem, its solid user base, strong community of developers, and established market position, MATIC can be an investment option worth considering. However, keep in mind that investing in any cryptocurrency carries a high degree of risk, so make sure to do your own research before putting your savings in MATIC.
Bottom line
Are you ready to invest in Polygon? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy MATIC from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Polygon?
Polygon was created in India in 2017 by seasoned Ethereum devs, Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic.
What was the all-time high for Polygon (MATIC) ?
The all-time high price of Polygon is $ on 2021-12-27
