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Polygon’s MATIC is among the cryptos poised for massive surges this year, with various optimistic facets at play. The project ended inflation within the ecosystem after releasing all tokens into circulation last week.

Moreover, Polygon is an Ethereum Layer2 solution, and its latest developments amidst surging interest in L2 networks are setting a platform for substantial price rallies.

The project’s recent fundamentals highlight a strengthening blockchain. Polygon completed its vesting contract last week, which marks a vital milestone as it erased inflation.

The ecosystem will no longer see new MATIC tokens added to circulation, eliminating the chances of selling momentum while positioning the alt for surged demand.

Moreover, Uniswap’s recent fee switch updates catalyzed surges for Ethereum ecosystem coins. Polygon (being an ETH scaling solution) enjoys the optimism behind the narrative,

Additionally, the now-bankrupt Celsius completed its last sale of MATIC worth $52 million in January.

Today, Celsius announced it will sell all altcoins from its customers starting on July 1st and convert them into $BTC and $ETH

The total altcoin sell pressure amounts to $215M:

• $CEL: $70M
• $MATIC: $52M
• $ADA: $26M
• $LINK: $17M
• $LTC: $14M pic.twitter.com/NmpOVSy8q9

That has substantially reduced selling momentum for the crypto.

The planned rebranding of MATIC’s name to POL in Q2 2024 will also boost the asset’s relevance and social scores, adding to the optimism behind the project.

Polygon’s upgrade to zkEVM and the revival of zero knowledge tale in 2024 positions the project as a vital player within the ever-changing cryptocurrency market. Moreover, the potential POL giveaway to stakers will likely keep the optimism afloat.

Polygon’s native token changed hands at $1.05 during this publication, up 0.32 and 10% in the past day and week, respectively.

Meanwhile, the above narrative shows MATIC poised for bullish runs from a fundamental standpoint. Also, the technical outlook supports the bulls’ edge.

MATIC flipped the significant resistance at $0.941 to reliable support following the latest rally. The Awesome Oscillator and the Relative Strength Index confirmed a momentum shift towards buying, creating a lucrative environment for breakouts.

A weekly candle closing beyond $1 will welcome stable upswings for the token, with $1.170 as the first target. Expert Ali Charts issued a more bullish outlook for MATIC’s long-term potential.

#Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.

If $MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV

The analyst pointed out significant emerging pattern, and a potential upswing to $1.73 upon a candlestick closing beyond $0.96.

The post Why Polygon (MATIC) could steal the show in 2024: zero inflation, airdrops, & more appeared first on Invezz

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