The price of Polygon (MATIC) has surged over the past week and is now trading at $1.17. Investors are very bullish on the coin since it crossed the $1 mark. With solid on-chain developments bolstering positive sentiment for MATIC, analysts expect the price to rise even more in the coming days or weeks.
The success of the hard fork
Polygon’s official Twitter account reported positive results in the ecosystem in its Weekly Briefing. The week’s summary confirmed the success of the hard fork, which aims to improve the user experience by reducing reorgs and gas spikes. The reduction of gas peaks would enable both users and developers to save on gas costs. This is because the rate increases would be a lot smoother in times of demand.
More good news for the Polygon network
There is more good news to report about Polygon. Fractal, a platform for Web3 game development, has announced that it will further expand its reach in the game industry by coming to the Polygon network.
In addition, Polygon’s zkEVM upgrade is imminent; Sandeep Nailwal, co-founder of Polygon Labs, recently posted that a launch date has already been set. The zkEVM upgrade is a scaling solution to improve the compatibility of existing smart contracts built on the Ethereum network.
MATIC price can rise much further
It is clear that Polygon’s MATIC token is performing well. But can investors take advantage of the momentum built up? Analysts think so. Currently, the coin is trading around the key resistance level of $1.16 – $1.18. If the coin closes above that level, the MATIC bulls could continue the rally or try to consolidate above USD 1.17. Failing that, MATIC may rebound to a value below USD 1 or around the USD 0.9493 support zone.
MATIC has shown good results over the past week, with a recent increase of almost 15% in the past 7 days. There is also a good chance that the price increase will continue in the coming week. The price is around $1.17 at the time of writing and has even traded above $1.18 today. What the future will bring is of course still unclear, but it is clear that there is a lot of confidence in the MATIC token.