Polygon(MATIC) has outperformed most tokens on the block. The token has soared 7000% year to date and is ranked #16 by market cap. The layer 2 solutions on Ethereum have boomed even more with Cuban’s investment and interest in the platform.
The number of active users and transactions on the site continues to rise. Although the total number of active users on Polygon (MATIC) remains under 100,000, compared to close to 500,000 on Ethereum, the number has been growing at a considerably faster rate in recent weeks as more users and developers move to it.
The number of transactions per day on the Polygon (MATIC) network has surged by about 400 percent, and it currently far outnumbers those on the Ethereum network.
Popular crypto trader and analyst Lark Davis has made an ultra bullish prediction for MATIC. He believes the token still has the potential to soar 230% more.
Davis tells his 386,000 Twitter followers that reaching $5 is on the cards for MATIC.
He also revealed MATIC is one of his top 5 altcoin holdings alongside Polkadot, Elrond, RAMP, and Injective.
On the MATIC/USD H4 chart, the majority of the moving averages, as well as the momentum indicator, hint at a bullish trend. The price is safely above the pivot point at $1.45, and even the recent plunge did not get it below it.
For the days forward, the immediate resistance is at $1.74. Traders will have to break through this barrier if they want to push the price above the key $2 mark.