Polygon's MATIC Forms Head and Shoulders Pattern
Crispus
Polygon, the leading scaling solution for Ethereum, is gearing for what will be a great year for the network. This is one of the few reasons why MATIC price has risen above $1 after slumping to $0.32 in 2022.
Polygon launches in 2023
Polygon is the biggest Ethereum scaling solution in the world. The network makes it possible for developers to build faster and cheaper-to-use dApps in industries like DeFi and NFTs. According to DeFi Llama, it is the fourth-biggest chain in the blockchain industry after Ethereum, BNB Chain, and Tron. Its top scaling solutions are Arbitrum and Polygon.
Polygon is gearing for a big year in 2023 after going through a challenging period in 2022. The number of unique active addresses rose by more than 211% in 2022 to over 22 million. Network revenue rose by 156% to $26 million even as cryptocurrencies plunged. Also, the number of direct contract creations and craters rose to 795k and 237k, respectively.
2023 will be characterized by several things. First, Ethereum developers are expected to introduce sharding to its network, which will lead to faster speeds and lower costs. These improvements will also flow to scaling solutions like Polygon, Arbitrum, and Optimism.
The other key catalyst for MATIC price in 2023 will be the launch of zkEVM product. This is a zero-knowledge rollup that will lead to more improved performance in the network. Zk rollups are usually much faster than normal sidechains.
Polygon is also expected to launch Polygon Zero, which uses the speed of Plonky2 to enable a more scalable and decentralized layer. It also provides both rollup and validium modes. The product will be launched later this year.
Polygon will also launch Miden, a STARK-based zk platform that will support arbitrary smart contracts. Before Ethereum sharding, the platform will be able to handle of 1,000 transactions per second. This figure will then scale up to 10,000 tps.
MATIC price forecast
MATIC crypto price has formed a head-and-shoulders pattern on the 4H chart. In most periods, this pattern usually leads to a bearish breakout. It is now forming the right shoulder while its neckline is t $0.73. Therefore, the outlook of Polygon is bearish, with the next key level to watch being at $0.40. This price is derived from measuring the distance from the head to the neckline.
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