- Polygon (MATIC) price is expected to break above the key support level of $0.85, with $1 expected in the coming weeks.
- Bullish catalysts for the cryptocurrency and developments in the Polygon ecosystem could fuel upward momentum for MATIC.
Polygon (MATIC) price continues to hold above $0.85, which could target the psychological $1 hurdle above buyers. Despite the market being quiet, with trading expected to slow this Christmas holiday week, MATIC could still see a big breakout.
Could it be one of the best altcoins under $1 on the market today? Polygon’s price outlook is as follows:
Are polygons “shorthand”?
Polygon has not experienced a price explosion like what some coins have witnessed throughout 2023 or in recent weeks. However, Polygon’s zero-knowledge EVM (zkEVM) technology, chain development kit (CDK), and migration from MATIC to POL represent several key developments in blockchain this year.
Polygon also recently integrated with Chainlink Data Feeds, a move hailed as a “game changer” in the decentralized finance (DeFi) space.
Despite this Polygon founder Sandeep Nailwal think Layer 2 blockchain is the “underdog” of the ecosystem.
Polygon is back on top: being the underdog.
NGL It’s been a painful journey throughout 2023, but right now it feels incredibly liberating to be the underdog again.
— Sandeep Nailwal | sand deep. Polygon 💜 (@sandeepnailwal) December 24, 2023
MATIC price remains above key levels
Polygon (MATIC) has not traded above $1 since May of this year. However, polygonal bulls moved closer to the price level in November and earlier this month. MATIC/USD hit a high of $0.98 on November 14th and $0.94 on December 9th.
The price fell to a low of $0.76 on December 19th, but bulls expect it to remain above $0.85 on December 25th.
Bullish sentiment across the market and within the Polygon ecosystem could help prevent the price from falling below $0.80. In this case, we are likely to retest recent highs near the $1 threshold before the end of the year.
One of the catalysts for further upside this year could include the highly anticipated spot Bitcoin ETF. The U.S. Securities and Exchange Commission (SEC) may finally authorize the discovery of a Bitcoin ETF by January 10, 2024, analysts and market experts said.