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Polygon is closing out 2023 on a high note as its native token, MATIC, skilled a major surge over the previous 24 hours, regardless of its founder highlighting a “painful ride”.

MATIC’s present value stands at $0.8939, accompanied by a 24-hour buying and selling quantity of $701,503,128.22. This represents a notable 4.20% price increase throughout the final 24 hours and a exceptional 14.10% improve over the previous 7 days.

Polygon Founder Embraces Underdog Status

Despite a difficult journey all through 2023, Polygon’s founder, Sandeep Nailwal, just lately expressed his contentment with the platform’s underdog standing. In a statement on X (previously Twitter), Nailwal acknowledged:

Polygon is again to the place it’s the perfect at being an underdog. Not going to lie, it’s been a painful journey, the entire of 2023, however proper now, it feels extremely liberating to be the underdog once more.

Furthermore, Nailwal went on to stipulate several reasons why he believes traders ought to really feel bullish about Polygon’s prospects. 

One key function is Ethereum Virtual Machine (EVM) Compatibility, which permits Polygon to copy the Ethereum atmosphere as a rollup. This compatibility ensures that any software working on Ethereum or different EVM-compatible chains may be deployed onto zkEVM, Polygon’s layer 2 resolution, with minimal modifications.

Another facet highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon enhances transaction speeds and reduces fuel charges, addressing crucial ache factors skilled by customers on different blockchain platforms.

Scalability is a paramount concern within the blockchain business, and Polygon goals to deal with this problem by executing sensible contracts utilizing zero-knowledge know-how. 

This method ensures “scalability without compromising decentralization” and safety, bolstering the platform’s general attraction to builders and customers alike.

Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the present ecosystem of over 400 decentralized functions (dApps) throughout the Polygon community. 

This ecosystem features a numerous vary of DeFi protocols, gaming platforms, and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon goals to additional solidify its place as a frontrunner within the blockchain house.

Midterm Targets And Strategy For MATIC Price Action

Renowned analyst Captain Faibik has launched a complete analysis of the worth motion for Polygon’s native token, MATIC. In his evaluation, Captain Faibik identifies key targets and a strategic method for traders to capitalize on potential good points.

According to Captain Faibik’s evaluation, MATIC’s midterm targets are projected at $1.20, $1.60, $2.50, and $4.00. These targets symbolize potential value ranges that MATIC may attain primarily based on historic patterns. 

Notably, to handle danger and defend their funding, Captain Faibik recommends implementing a stop-loss technique. If the weekly closing value of MATIC falls beneath $0.55, it’s prompt to exit the place.

Furthermore, Captain Faibik advises traders to undertake a long-term mindset and maintain their MATIC funding for no less than 60 days. This holding interval permits traders to journey out short-term value fluctuations and probably capitalize on the projected targets recognized.

Featured picture from Shutterstock, chart from TradingView.com

Disclaimer: The article is supplied for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use data supplied on this web site fully at your individual danger.