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Polygon Price Climbs to Record High, Benefiting From Ethereum Congestion
Polygon's MATIC token has charted a 35-fold rally this year.
The price of scaling solution Polygon Network's native token, MATIC, rose for a third straight day, reaching a record high above 60 cents.
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- Messari data shows the MATIC price 13% higher on the day near $0.62, having crossed above the previous peak price of $0.5415 on Monday.
- The cryptocurrency has chalked up a 35-fold rise on a year-to-date basis, and the Polygon price has gained 50% this week.
- The price rally has pushed MATIC's market capitalization above $3.04 billion.
- Network overload and high transaction costs on Ethereum's blockchain have increased demand for layer 2 scaling projects like Polygon facilitating faster and cheaper transactions using sidechains running alongside Ethereum's main chain.
- Chart analysts foresee a stronger rally in the coming days for the Polygon price as the latest move above $0.60 has confirmed a channel breakout on the daily chart, opening the doors for a continuation of the broader bull run from December lows near $0.0142.
$MATIC
ā Rager š (@Rager) April 27, 2021
I think it's quite clear on what happens next pic.twitter.com/xeReUJny59
Also read: Polygon Jumps in Crypto Market Rebound, as Ether Congestion Drives Adoption for Rivals
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
