In 2021, Polygon witnessed an uptick in DeFi activity, indicating that the initiative is gaining traction. Polygon fell 65 percent on the same trading day after hitting an all-time high of $2.8988 on May 19th. The Polygon price has never closed outside of that range since that fateful session. In 2021 alone, MATIC is up 5,978 percent.
New Announcements and Developments ahead for Polygon!
Polygon revealed its most recent development, the debut of Avail, a brand-new blockchain initiative. By adopting Avail as an off-chain data availability layer, layer-2 systems will benefit from greater scalability and throughput. Polygon has been working on the project since late 2020. Polygon also announced the launch of yield aggregator Pickle Finance.
In addition, artist Mike Winkelmann, popularly known as Beeple, rose to prominence after his digital artwork was auctioned for $69.3 million, has chosen to launch his new NFT enterprise WeNew on Polygon (MATIC) to lessen environmental effect.
MATIC Price Analysis
Right now, the MATIC price appears to be substantially skewed to the downside. Despite the fact that MATIC was in the green, its Relative Strength Index was in the bearish-neutral range. Before bulls reclaim control, the upper sloping trendline foreshadowed additional fall and a probable reset into oversold territory.
Matic which is trading at $1.18 at the time of writing is projected to break lower around $1.15, and Polygon could pause for a moment near $1.05. However, at $0.93, this may provide an opportunity for buyers to return and pick it up. The price should advance towards the 50-day moving average at $1.4940 if it closes above the trend line. A closure below $0.74 could send prices down towards $0.54, a level witnessed recently in April.