- Polygon (MATIC) traded near $0.78 on Monday as the Ethereum scaling solution moves closer to its Etrog upgrade.
- MATIC could break above $1 if the bulls hold key levels or retest the important support area at $0.5.
Polygon (MATIC) price traded near $0.78 on Monday as the Ethereum scaling solution moves closer to the Etrog mainnet upgrade.
The altcoin, which rose above $0.79 as trading volume surged 20%, was one of the few cryptocurrencies in the top 20 by market capitalization as Bitcoin retreated below $43,000 to reflect the decline in U.S. stocks.
Polygon’s MATIC outlook on Etrog upgrade
Last month, the Polygon Foundation announced a 10-day countdown to the activation of the Etrog upgrade on mainnet.
As mentioned in the blog post, the upgrade is for Polygon zkEVM and is set to provide support for pre-compiled smart contracts. This release is expected to transform zkEVM closer to Type 2 ZK-EVM, a ZK rollup equivalent of EVM.
The upgrade will allow developers to deploy their code on Polygon zkEVM just like on Ethereum. According to the Polygon Foundation, developers “just copy and paste, no modifications required.”
The next upgrade of Polygon zkEVM will effectively make the network a Type 2 ZK-EVM. What does this mean for developers? This means you can deploy your code on Polygon zkEVM just like you would on Ethereum. No modification required, just copy and paste.
10 days… pic.twitter.com/GThNxj7V6F
— Polygon Foundation (@0xPolygonFdn) January 27, 2024
The 10-day countdown to the upgrade means the expected mainnet launch is Tuesday February 6th.
Ahead of this milestone, MATIC price rose from an intraday low of $0.76 to $0.79 before retesting the support zone today amid a broader cryptocurrency lull.
If a breakout materializes in the coming days and weeks, the Polygon token could be targeting an extended run above the psychological $1 level. However, a breakdown could push MATIC/USD up to its 2023 support base of around $0.50.