Ryan Sean Adams, a vocal Ethereum commentator and crypto investor, is bullish on MATIC, the native token of Polygon. Taking to X on November 8, Adams stated MATIC must be a top-10 crypto asset, including that persons are asleep on layer-2s.

Polygon (MATIC) Stays In An Uptrend

When writing on November 8, MATIC is among the many prime 15 most respected cash by market cap. It additionally stays risky, fluctuating, and transferring up and down the market cap leaderboard rankings. Even so, contemplating its spot valuation exceeding $7.3 billion in keeping with CoinMarketCap (CMC), a crypto tracker, MATIC stays comparatively liquid with a broad consumer base. 

Etherscan knowledge on November 8 reveals that there are 629,967 MATIC holders, down roughly 2%, however the quantity stays greater regardless of the contraction following the crypto winter of 2022, which spilled over to 2023.

MATIC holders | Source: Etherscan
MATIC holders | Supply: Etherscan

As of November 8, MATIC is up 60% from September 2023 lows. In response to CMC, the coin can also be up 13% on the final buying and selling day, pushing weekly positive factors to over 27%. Wanting on the candlestick association within the each day chart, the uptrend momentum is powerful, and consumers seem like doubling down.

Presently, bull bars are aligned alongside the higher BB, suggesting that there’s intense shopping for strain. On the identical time, MATIC is inside a bullish breakout formation, breezing previous August highs. 

Polygon, a sidechain, is among the many many scaling options for Ethereum. The platform is appropriate with Ethereum, permitting protocols to construct on Polygon whereas having fun with the excessive exercise and safety of the primary sensible contract community. Polygon can also be thought-about a layer-2, although it isn’t technically a layer-2 because it doesn’t rely on roll-ups like Arbitrum or OP Mainnet.

Time To Double Down On MATIC And Layer-2 Tokens

In Adams’ view, contemplating layer-2 tokens, together with MATIC or ARB, at spot ranges may translate to extra positive factors within the subsequent bull run. Nonetheless, it must be famous that MATIC, as an example, is down 72% from 2021 highs.

Furthermore, the coin is trending inside June’s bear commerce vary. A complete shut above this degree might sign the tip of the bear run, probably anchoring consumers focusing on $1.5.

Polygon price trending upwards on the daily chart | Source: MATICUSDT on Binance, TradingView
Polygon value trending upwards on the each day chart | Supply: MATICUSDT on Binance, TradingView

In late October, Polygon Labs formally launched the POL, a token that can prime Polygon 2.0, Ethereum, signaling the primary steps to see MATIC regularly phased out. POL will serve extra roles in Polygon 2.0, particularly powering an ecosystem of zero knowledge-based layer-2 chains utilizing Polygon’s infrastructure. Information of this sensible contract launch appeared to have catalyzed demand, driving token costs greater.

Characteristic picture from Canva, chart from TradingView

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