Polygon is a dynamic blockchain platform dedicated to establishing a versatile multi-chain system that seamlessly aligns with Ethereum. Similar to Ethereum, Polygon employs a proof-of-stake consensus mechanism to facilitate on-chain transaction processing.
Notably, the MATIC token is a native cryptocurrency of the Polygon ecosystem and is used to pay for transaction fees, as well as incentivize validators and secure the network. Since its launch, Polygon has seen significant growth and adoption by developers and users alike.
Recently, the METIC Coin has successfully recovered from an 8.5% decline the previous day. At the time of writing, the Polygon (MATIC) Coin price has surged by 4.38% reaching $0.99, boasting a market cap of $9.52 billion.
Also Read: Polygon (MATIC) Price Prediction | How High will MATIC Go?
Reddit Integrates Polygon (MATIC) for Payment Solutions
In its latest IPO filing, Reddit, a popular social media platform disclosed its strategic investments in cryptocurrencies Bitcoin and Ethereum. It also elaborated on its exploration of blockchain technology through purchasing ETH and MATIC, facilitating the transaction of distinct virtual assets.
The Reddit company specified that the amounts of Ethereum and Polygon received in 2022 and 2023 were not substantial. However, it suggested the potential for ongoing use of these cryptocurrencies as payment methods in upcoming years.
This highlights that the social media big market players are willing to collaborate with Ethereum Layer-2 solutions such as Polygon to discover fresh possibilities in the market landscape. Reddit also stated that its product and engineering team holds cryptocurrencies for specific purposes.
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Further, the Reddit company recognizes significant potential in blockchain technologies but remains cautious about the future of business and consumer adoption in this sector.
The MATIC Coin Price Movement Ahead
On 22, Thursday, the MATIC Coin price faced significant selling pressure following Polygon’s latest token unlock announcement. However, this seems to be a momentary knee-jerk reaction as MATIC has quickly recovered the lost ground.
At the time of writing, the MATIC Coin has recently closed above the $0.96 support level, indicating a potential for a significant price rally towards $1.73. This breakthrough could signal a bullish trend in the future.
How High Will MATIC Go in 2024? Our Opinion
According to our expert’s technical analysis, the MATIC Coin has the potential to reach a maximum price level of $3.31 with an average trading level of $3.05 by the end of 2024. However, if the crypto market gets a bearish event or any negative news surrounding the Polygon ecosystem, the value of the MATIC Coin can drop to its minimum price level of $2.81 in 2024.
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Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.
