Polygon (MATIC) Price Prediction

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Contributor, Benzinga
October 31, 2022

Convinced by a bullish Polygon price prediction? You can buy Polygon on eToroWeBullUphold and Gemini.

In the world of Ethereum Layer 2 solutions, Polygon has the most established ecosystem. Its price action took a rapid swing upward following a number of bullish announcements this summer, including partnerships with massive companies in and out of Web3, advancements in the underlying technology and potential for mobile use. 

What is Polygon (MATIC)?

Polygon is a Layer 2 blockchain built on top of Ethereum. It is intended to be a scaling solution for the Ethereum network. As promising as Ethereum is in its potential to enable a decentralized web, the key setback has been its scalability. The network is plagued with slow transaction times and high gas fees. Layer 2 blockchains are a solution to this issue. By running transactions on a network like Polygon, users enjoy lower gas fees and faster transaction times. These transactions still get much of the security of Ethereum because checkpoints from Polygon must be sent and confirmed on the Ethereum network. Many of the promising cryptocurrencies are Layer 2 solutions for Ethereum. Polygon may be the best in this category.

Polygon (MATIC) Market Position

Polygon’s market cap is over $8.5 billion, with its MATIC token trading at just under a dollar. While it holds the largest market cap of any Layer 2 tokens, Polygon is not without competition. New Layer 2 solutions are coming out continually. Notable rivals include Arbitrum and Optimism. Arbitrum and Optimism use a different kind of Layer 2 technology called optimistic rollups, which have their own set of pros and cons. Polygon is also entirely dependent on the success of the Ethereum network. If Ethereum were to fail, Polygon would become obsolete and useless. It can be thought of as a leveraged bet on Ethereum’s long-term scalability.

Christian Encila’s Bullish Long-Term Polygon (MATIC) Price Prediction

The crypto writer Christian Encila wrote in a recent article that based on certain indicators from Polygon's price action, it could be poised to run to $1.50 per token. Encila alludes to the Polygon as revolutionary in terms of Layer 2 solutions. He also notes the potential of 65,000 transactions per second on the Polygon network, low transaction fees and multiple decentralized exchanges being built upon the network. 

Akash Girimath’s Bearish Long-Term Polygon (MATIC) Price Prediction

Girimath, the FXstreet crypto expert and experienced analyst, points out a couple of key fundamental patterns in the charts to be aware of. Girimath believes that a breakdown could trigger a correction to $0.598. Girimath also notes that Bitcoin will be the ultimate factor in where the rest of the crypto market goes, so if it sees significant upward momentum, Polygon will likely be up as well. This common sentiment in the cryptocurrency community is backed by historical performance. Many altcoins see massive resurgences soon after Bitcoin. However, some altcoins see much smaller increases in value compared to others, which is always a possibility, even for Polygon.

2023 Polygon (MATIC) Price Prediction

Daria Morgen, a popular blogger, used Polygon technical analysis to form a Polygon price prediction for the next decade for the token. In 2023, the analyst is calling for $1.46 as the average trading price.

2024 Polygon (MATIC) Price Prediction

Based on technical analysis done by Tech Growth, Polygon will be worth $1.55 on average in 2024. This level would be a modest gain in response to a slow or moderate macroeconomic growth prediction.

2025 Polygon (MATIC) Price Prediction

Tech Growth goes on to predict a $1.97 price prediction in 2025. This move would likely require Ethereum to make a similar move upwards.

2030 Polygon (MATIC) Price Prediction

Morgen leaves a final bold prediction of a maximum peak of $21.02 price in 2030. As great as these predictions are for Polygon bulls, keep in mind the prediction is likely the best-case scenario and was conducted by fellow Polygon bulls.

Where to Buy Polygon

Most of the top exchanges have Polygon (MATIC) offered for trading, including eToroWeBullUphold and Gemini. The token is also available on most decentralized exchanges. The most popular decentralized exchange to swap for Polygon is Uniswap.

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How Long Will It Take for Polygon to Reach $2?

For Polygon to reach $2, it would likely need to see a ton of growth in users and investors, but it is far from impossible. While there has been a lot of great development for Polygon, it remains dependent on the popularity of Ethereum. The development teams can only do so much to affect the price, much of the price movement is controlled by macroeconomics. So, the sooner the economic conditions stabilize the better Polygon's chance to reach $2. 

Where to Store Polygon Safely

If you are not purchasing your crypto through a centralized exchange, it is important to have a hardware wallet. While software wallets are great for connecting to DApps, they are not so great for security. By sending your digital assets to a hardware wallet, they are left in what is called cold storage and are safer from hackers and other potential misfortunes.

Best Hardware Wallet: Ledger Nano S

The most popular hardware wallet among crypto investors and DeFi users is the Ledger Nano S Plus. It has a simplistic design with plenty of resources to help new users navigate it correctly. It supports over 1,100 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), all ERC-20 tokens and many more. It also has built-in easy integration with MetaMask which, along with its strong security and support for so many popular tokens, makes it a great choice for any crypto investor.

Best Software Wallet: MetaMask

The MetaMask wallet is great for connecting to DApps. It is popular among Ethereum users. Digital assets acquired with MetaMask can easily be transferred over to your hardware wallet for safe storage.

MetaMask boasts an average rating of 4.7 stars out of 5 based on 30,000+ reviews on the Apple Store. The app is trusted by more than 21 million users around the world.

Current Crypto Prices

The crypto market has been hit hard over the past year. Crypto has traded largely on par with tech stocks and other risk-on assets. It benefits greatly from liquid markets, which have become less liquid as the Fed continues to tighten.

So, Is Polygon a Good Investment?

For many Ethereum believers, Polygon could also be a good investment. The Polygon network is ultimately dependent on the success of Ethereum and the work of the Polygon development team. While Polygon has the lead, more great minds are coming to the crypto space to develop Layer 2 solutions. It could be a good idea to diversify among Layer 2 chains rather than hoping Polygon emerges victorious. 

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