As the Polygon Network continues to evolve, it’s becoming obvious that MATIC is a top coin in the space. The token has already begun to show signs of breaking out (as I have discussed), and traders seem to be expecting MATIC prices to rally by 200% after its price action last week. However, data from our friends at Polygon can’t support such lofty expectations just yet — but we may see higher prices in the future.
Traders on social media seem to be expecting MATIC prices to rally by 200% after its price action last week — but data shows that Polygon may not be ready to support higher prices yet.
MATIC Traders Expect Big
MATIC, which stands for “Mathematical and Technical Infrastructure for Cryptocurrencies,” is a blockchain protocol developed by the University of California, Berkeley. Last week it reached new highs in both ETH and BTC trading volume when it gained more than 150% in one day. Many traders expect this momentum to continue into 2020 as Polygon gets closer to launch and receives more attention from investors and developers alike. In response, some traders have set their sights on a $2+ billion market capitalization with a XOMAT price target at $0.15 USD per unit over the next three months.
While these predictions are certainly exciting for anyone who has been following this project since its inception, there are several reasons why we believe these targets might still be too high despite recent gains made by both currencies under Polygon’s umbrella (EQUI & EMP).
The sentiment on social media seems to be that MATIC will rally 200% from its current price. However, the data shows that Polygon Network may not be ready to support prices at those levels yet.
