According to a prominent crypto analyst, blockchain scaling solution Polygon (MATIC) is poised for a surge next month ahead of Ethereum’s (ETH) expected Merge.
Guy, the pseudonymous presenter of Coin Bureau, claims in a recent video update that MATIC is failing despite several optimistic happenings over the previous few months.
“The MATIC token has been severely impacted by the crypto bear market and is down almost 50 percent since my previous coverage of the project in March, although this shows signs of recovery.
In addition to the adverse cryptocurrency market, the MATIC token has been repressed by sell pressure, as seen by the significant rise in its circulating supply over the last several months. MATIC’s supply has climbed by around 340 million since March.”
As Ethereum transitions from a proof-of-work method to a proof-of-stake mechanism, the analyst predicts that MATIC will soar despite its difficulties. Guy explains that Polygon will profit from the change since its scaling solutions will become more environmentally friendly.
Despite these fundamentals, MATIC is expected to continue its short-term gain due to Ethereum’s imminent move to a proof of stake, propelling tokens like MATIC to the moon.
In the run-up to Ethereum’s Merge in mid-September, MATIC’s price might reach $1.50, according to poor technical research. This is similar to the price activity of ETH, which predicts a twofold growth between now and then.
This also makes sense since MATIC will almost definitely profit from the Merge, as its scaling solutions will become more ecologically friendly. This will enhance Polygon’s already considerable attractiveness to institutional investors.
Moreover, Polygon scaling solutions will still be required after the Merge, since the Merge is unlikely to significantly influence Ethereum’s transaction speeds or costs.” At the time of writing, MATIC is trading at $0.919, a gain of 1.7 percent on the day.
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