Polygon MATIC is still under $1!

Polygon is an Ethereum network scaling solution. The Ethereum blockchain was the first to implement smart contracts, making Ethereum the undisputed leader in decentralized applications. However, with the increasing number of smart contracts, Ethereum has struggled to process transactions quickly and efficiently. This is why the Polygon Network was created.

Polygon is a layer 2 solution that offloads the Ethereum blockchain with a second layer and many sidechains. Polygons so-called "plasma chains" are particularly important. These Ethereum sidechains take the smart contracts out of the Ethereum network. If necessary, developers of decentralized applications and smart contracts can outsource their work to the Polygon network. This solves the problem of Ethereum's scalability.

Why did MATIC crash to $0.68?

All tokens crashed in lockstep with the cryptocurrency market. Almost every coin / token reached its respective support area. In the case of MATIC it was no different. MATIC crashed from a high of $1.3 to reach its current price of $0.68. A look at Figure 1 below shows the importance of the strong support between $0.60 and $0.68. The price fell to this level as early as July 2021 and soon corrected upwards again.

Figure 1 clearly shows that $0.68 is a strong support for MATIC. Although prices broke down to a low of $0.46, they quickly recovered to the upside. Fakeouts are common in all capital markets.

Should the market consolidate again or even recover, MATIC is likely to rise again towards $1. This would mean a price increase of 45%.

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