Polygon Matic (Matic) is a native token of Polygon Network, it is one of the best platforms for blockchain. Before, we dive into matic coin price prediction INR, first of all, we have to understand the purpose of Matic and why it was created.
Polygon Network provides several benefits including quick and cheaper transactions as it removes all the difficulties in the decentralized ecosystem. Earlier, the Polygon network was known as the Matic Network.
There are more than 10,000 cryptocurrency projects and their native token, but only a few projects come with problem-solving solutions. And currently, as of writing it ranked 13th in market capitalization.
Because of its several positive views investors and cryptocurrency enthusiasts are more inclined toward the Matic coin, which helped in a surge in the Matic price.
In this article, we will learn more about Matic Network, Matic’s demand in the realm of cryptocurrency, and Matic coin price prediction INR. So let’s get started, without wasting any time.
Also Read: TRON Price Prediction 2023, 2024, 2025
What is Polygon MATIC?
Polygon (Layer-2 blockchain) is parallel to Ethereum (Layer-1 blockchain) and is also a cryptocurrency, its native token is Matic, formerly known as the Matic Network. Polygon network came into existence in the year 2017, as a solution on some aspect of Ethereum.
Currently, it ranked among the top 15 cryptocurrencies in terms of market capitalization, as well as it also supports more than 7,000 decentralized applications without any intermediaries.
Polygon is a real problem-solver project in the realm of cryptocurrency, without any problem-solving solutions in crypto the project is useless. In this case, as the number two cryptocurrency Ethereum has several issues like scaling problems and speed of completion of transactions.
This is the reason why Polygon came into the realm of cryptocurrency as it provides faster transaction speed as well as lowered cost than Ethereum. Also, the main aim of the Polygon Network is to support Ethereum as it faces scalability issues.
And it helps, Ethereum with faster speed and lower cost to the developers, and due to this as of now, developers love to create their decentralized applications on the Polygon Network which is also known as Layer-2 blockchain.
If we talk about transaction speed, Ethereum processes 14 transactions per second (TPS), however polygon network can easily process 7,000 TPS.
Who Created MATIC Coin?
The Matic Coin was created by Indian software engineers Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic, in 2017 by Matic Network. But later in 2021, its name was changed to Polygon Network.
How does MATIC Coin Work?
Polygon network (Matic) is a platform that is designed to help Layer-1 blockchain network Ethereum in its performance by using several sidechains, this sidechain looks separate but it is interconnected to the blockchain.
The role of the sidechain is to reduce the transaction cost as well as to make a faster transaction speed on the main Ethereum network, especially for decentralized finance (DeFi) applications.
The core of the Polygon Networks allows developers to create Ethereum-based Decentralized applications as sidechain which make it look separate but it is interconnected to the blockchain and link these Dapps to the main Ethereum blockchain.
Polygon offers several methods through which developers can create sidechains as per their requirements:
- Plasma Chains – In this sidechain, developers group transactions into a block and then link it to the Ethereum blockchain.
- zk-Rollups – In this, the developer combines multiple transactions into a single transaction for better and faster speed.
- Optimistic Rollups – this sidechain is similar to the Plasma Chain but it also can enhance Ethereum smart contracts.
The primary sidechain for Polygon Network is Proof-of-Stake (PoS), in this method, investors or holders can stake their Matic holdings (Polygon Network native token). The purpose of Matic staking is to validate the transaction as well as to enhance the Ethereum network.
Technical Analysis of Polygon (MATIC)
Matic is 3rd largest cryptocurrency in the world in terms of market capitalization, as of writing Matic price is around $0.6557. According to the data Coinglass on November 3, 2023, in the last 24 hours Matic’s $1.1 million position was liquidated in which $616 was liquidated in the long position and over $496k short position liquidated.
The majority of liquidation was observed on the Binance exchange where overall long liquidation was somewhere around $550k and short liquidation was around $292k.
Looking at the technical analysis currently, Matic is taking resistance from 200EMA (Exponential Moving Average), and also in the past week, the Matic price moved in a range between 0.6011 and $0.6701. However, Matice Price also has a strong resistance at $0.7392, if this level breaches in the coming week we might see a strong bullish momentum.
Does Matic have a future?
Yes, we can say that it is a problem-solver layer-2 blockchain network. There are lots of problems that Ethereum faces including scalability, transaction cost, Transaction speed, and some others, where Matic came into existence and became a problem solver for the Ethereum Layer-1 blockchain.
In the realm of cryptocurrency, there are more than 5,000 cryptocurrencies that exist, but all of them do not have an objective most of them are fake and others do not have their vision clear. In the past few years, the adoption of cryptocurrencies has shown a significant surge, as asset management firms, banking giants, government authorities, automobile industries, and many others have shown their interest in cryptocurrency.
These companies, banks, automobile industries, and institutional investors know the potential of cryptocurrencies and they also pick specific cryptocurrencies as per their needs. They also look for a crypto that can help them to solve their problem and that Matic has.
Ongoing crypto market
After such a long bear market in the realm of cryptocurrency, now crypto market once again soaring and many cryptocurrencies also marking their 52-week high, including Polygon matic. This bullish momentum in the crypto market is due to the potential approval of Spot Bitcoin ETF.
Since, the start of this year 2023, many asset management firms have applied for spot Bitcoin approval but now in October 2023, the application is on the verge of approval.
Many giant asset management firms also made predictions that once spot Bitcoin ETF is approved, Bitcoin will make another all-time high.
Recently, the CEO of ARK Invest, Cathie Wood predicted that the price of Bitcoin will surpass $1 million in the next decade and also said Bitcoin is a perfect asset against inflation over gold and cash.
Polygon MATIC Coin Price Prediction INR
After conducting a thorough technical analysis of Polygon Matic, and the ongoing crypto market, here you will get a Matic price prediction. It’s important to understand this is only a prediction, which we calculated by looking at the data such as past price performance and the current price movement. So, it is not guaranteed that the Polygon Matic price will move as per prediction.
Currently, Polygon is trading at $0.6703 and also in a small range of $0.6010 and $0.6700. On the other hand, as per technical analysis Polygon (Matic) price faces two hurdles one there at its 200 EMA and another there at a strong resistance zone which is at $0.7390. If any daily candle closes above $0.7390 bull run might start in the Polygon.
Polygon (MATIC) Price Prediction 2024
After conducting a thorough technical analysis of the Polygon Matic price, it was observed that the minimum price that Matic will reach in the year 2024 is around $1.15. On the other hand, the maximum price which we can see is around $1.37.
Polygon (MATIC) Price Prediction 2025
Similarly, looking at the data based on the technical analysis of Polygon Matic, it has been observed that in 2025, the Polygon (Matic) Price might reach the minimum price of $1.69 and a maximum of $1.73.
Polygon (MATIC) Price Prediction 2026
As per the expert’s technical analysis, by looking at the price fluctuation of Polygon Matic, It has been observed that the Polygon Matic price might reach a minimum of $2.38 and a maximum of $2.86 in 2026.
Polygon (MATIC) Price Prediction 2027
As per the expert’s technical analysis, by looking at the price fluctuation of Polygon matic, It has been observed that the Polygon Matic price might reach a minimum of $3.35 and a maximum of $4.21 in 2027.
Polygon (MATIC) Price Prediction 2028
Similarly, looking at the data based on the technical analysis of Polygon Matic, it has been observed that in 2028, the Polygon (Matic) Price might reach the minimum price of $5.04 and a maximum of $5.21.
Polygon (MATIC) Price Prediction 2029
Similarly, looking at the data based on the technical analysis of Polygon Matic, it has been observed that in 2029, the Polygon (Matic) Price might reach the minimum price of $7.30 and a maximum of $9.01
Polygon (MATIC) Price Prediction 2030
Similarly, looking at the data based on the technical analysis of Polygon Matic, it has been observed that in 2030, the Polygon (Matic) Price might reach the minimum price of $10.29 and a maximum of $12.56.
Conclusion
The purpose of the Polygon project is clear; that’s the reason why investors, institutions, and retailers are more inclined toward it. More than 5,000 cryptocurrencies exist in the realm of cryptocurrency, but due to its dynamic nature and problem-solving capabilities, it ranked 13th in terms of market capitalization. Ethereum is a layer-1 blockchain, and due to some issues in the Ethereum ecosystem, the Polygon Layer-2 blockchain came into existence.
Some of the benefits and reasons why developers always opt for Polygon instead of Ethereum are that it provides quick transactions. On the Polygon blockchain, 7,000 transactions can be processed within a second, whereas Ethereum offers only 14 transactions per second.
Frequently Asked Question
What is Polygon Matic used for?
Matic token is a native token of Polygon Network, which is used to connect and grow Ethereum-based projects on blockchain. Polygon Matic is also used to enhance the Ethereum network through its innovative layer-2 security, quick transactions, and cheaper transaction fees. However, it is also used to improve and enhance the proof-of-stake mechanism.
Why is Polygon Matic so popular?
Polygon was formerly known as Matic Network, which provides a scalability solution for the Ethereum network as it has scalability issues. Polygon Matic is popular, and most developers also love Polygon Network because it has a faster transaction solution as well as a lower transaction cost. Developers can use this layer-2 blockchain without network congestion.
Is Polygon Matic Indian?
Matic Network was launched back in 2017 and later renamed Polygon Network. It was developed by four Mumbai-based software engineers.
How much is Polygon worth?
As of writing, the current market cap of Polygon Network is $6.75 billion.
