Home / Price Predictions / Polygon Price Prediction 2024: MATIC Price Analysis

Polygon Price Prediction 2024: MATIC Price Analysis

Last Updated June 17, 2024 11:31 AM
Nikola Lazic
Last Updated June 17, 2024 11:31 AM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • Polygon is a layer 2 scaling solution, allowing people to speed up their crypto transactions.
  • Its native token MATIC helps secure the system and holders can vote on changes to the network – but it is being replaced by the POL crypto.
  • It has been targeted by the United States Securities and Exchange Commission.
  • Our Polygon price prediction suggests MATIC could reach as high as $2.50 next year.

Polygon Ecosystem Token Price Prediction 2024: What is POL?

Polygon’s MATIC coin may not have long to live – but its holders should not be too worried. The crypto benefited from the announcement of Polygon 2.0, an upgrade that is designed to make the system more decentralized. 

MATIC is being replaced  by a new coin, POL. POL launched on the Ethereum mainnet on October 25. MATIC holders can swap their tokens for POL on a 1:1 basis.

The news came not long after MATIC was accused of being an unregistered security by the United States Securities and Exchange Commission (SEC).

Originally introduced as Matic Network in 2017, Polygon was one of the first platforms to use layer 2 technology, creating side chains running parallel to Ethereum to help make transactions quicker.

On June 17 2024, MATIC was worth about $0.60.

Let’s now take a look at our own Polygon price predictions. We will also analyse the MATIC price, examine Polygon’s price history, and explain what Polygon is and what it does.

Polygon Price Prediction 

Minimum MATIC Price Prediction Average MATIC Price Prediction Maximum MATIC Price Prediction
2024 $1 $1.30  $1.60 
2025 $1.60  $2 $2.50 
2030 $1.60 1.80  $2 
Polygon Long-term Price Analysis
If MATIC makes a breakout, that would signal the start of a bull cycle | Credit: Nikola Lazic/TradingView

Polygon Price Prediction 2024

MATIC still hasn’t started its bull phase, because it has not yet made a breakout above its multi-year descending triangle. Once it does, a five-wave impulse would be expected with the price potentially coming to the area of its March 13 high. 

Polygon Price Prediction 2025 

If Polygon starts a bull cycle in 2024, its continuation would be expected in 2025. Its 2025 peak target depends on its first and second-wave targets, but if it proceeds to develop its wave 3, which is usually the strongest, MATIC could reach values above $2. 

Polygon Price Prediction 2030

According to our projection, MATIC will end its bull phase in 2026. After that, its multi-year bear phase is expected to start, with 2030 potentially being when it again begins to show signs of bullishness. 

Polygon Price Analysis

On March 13, MATIC reached its annual peak of $1.30, up from a low of $0.70 on January 24, marking an 85% increase. It subsequently declined, falling below $0.60 on April 13. This dip, however, was still a higher low compared to mid-September of 2023, when a significant uptrend began that culminated in the March high.

MATIC Price Analysis
Polygon has dropped since March | Credit: Nikola Lazic/TradingView

On June 14, it revisited that April 13 low when it fell back below its descending trendline. Currently, it is trading slightly lower. According to the daily chart RSI, which dropped to 32%, a potential low may have been established, but it still didn’t become oversold, meaning there is more room for a fall. 

If the March peak was the end of a five-wave impulse, the recent downturn might represent a correction phase of the bull cycle, particularly because it stopped at a higher low than in September. This needs further validation, which would be confirmed by continued price increases.

MATIC has been in a descending triangle since its all-time high, and its breakout to the upside is yet to happen. The increase from September could have been the start of this breakout advancement, but the decline since March has pushed the price below 0.786 Fibonacci retracement. A more likely outcome is another retest of its horizontal support at $0.50, before the price can start its major bull phase.

Polygon (MATIC) Price Analysis
Polygon could get back to where it was in March | Credit: Nikola Lazic/TradingView

If this plays out after a bounce from the $0.50 area, a new five-wave impulse to the upside should develop, leading MATIC back to its March high of $1.30. That could only be its first sub-wave in a higher degree five-wave impulse, which will be validated by the following downturn, its depth and momentum. 

Polygon Price/Performance Comparisons

Current Price One Year Ago Price Change
MATIC $0.60  $0.60  0%
DOT $6.20 $4.50  -37.78%
SOL $143 $15.40 -828.57%
OP $1.98 $1.12 -76.79%

How Do We Make a Polygon  Price Prediction?

Our price prediction for Injective combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the MATIC-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between. 

Advantages and Disadvantages of Polygon 

Blockchain analytics company Messari recently released its quarterly report on Polygon . It outlined some key advantages and disadvantages of the blockchain.

It said that between January and March 2024, MATIC had

  • A market cap of $9.1 billion, down year-on-year from $9.9 billion but up quarter-on-quarter from $8.8 billion.
  • 813,800 average active daily addresses, up year-on-year from 344,200 and quarter-on-quarter from 372,600.
  • 3.9 million average daily transactions, up year-on-year from 2.9 million but down from 4.5 million quarter-on-quarter.
  • Quarterly average transaction fees of $0.02, down year-on-year from $0.05 but stable quarter-on-quarter.

Advantages of Polygon

Messari said that Polygon

  • Was making good progress on Polygon 2.0.
  • Had an active, enthusiastic, and well-supported developer community.
  • Was becoming an increasingly popular platform for both online games and stablecoins.

Disadvantages of Polygon

Messari also said that Polygon

  • Was suffering from uncertainty related to POL.
  • Could be doing more to increase its active daily addresses.
  • Suffered after being accused of being an unregistered security.

MATIC Price History

Polygon Price History
Polygon’s price over the last 12 months | Credit: CoinMarketCap
Time period Polygon Price
Last week (June 10 2024) $0.6595
Last month (May 17 2024) $0.7205
Three months ago (March 17 2024) $1.09
One year ago (June 17 2024) $0.6302
Five years ago (June 17 2019) $0.0239
Launch price (April 28 2019) $0.004521
All-time high (December 27 2021) $2.92
All-time low (May 9 2019) $0.003012

Who owns the most Polygon (MATIC)?

On June 17, 2024, a Polygon wallet held nearly 90% of the supply of MATIC.

Richest MATIC Wallet Addresses

As of June 17, 2024, the five richest MATIC wallets were

  • 0x0000000000000000000000000000000000001010. This wallet, listed as Polygon: MATIC Token, held 8,746,548,964 MATIC, or 88.28% of the supply.
  • 0x0d500b1d8e8ef31e21c99d1db9a6444d3adf1270. This wallet, listed as Polygon: WMATIC Token, held 167,917,852 MATIC, or 1.69% of the supply.
  • 0x4c569c1e541a19132ac893748e0ad54c7c989ff4. This wallet held 25,186,210 MATIC, or 0.25% of the supply.
  • 0xe84f75fc9caa49876d0ba18d309da4231d44e94d. This wallet, listed as Kraken 2, held 18,637,776 MATIC, or 0.19% of the supply.
  • 0xf89d7b9c864f589bbf53a82105107622b35eaa40. This wallet, listed as Bybit: Hot Wallet held 16,078,688 MATIC, or 0.16% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 10,000,000,000
Circulating supply (as of June 17, 2024) 9,897,484,649 (98.97% of maximum supply)
Holder distribution Top 10 holders owned 91.13% of maximum supply as of June 17, 2024

From the Polygon Whitepaper

In its technical documentation or whitepaper , Polygon, which was then known as the Matic Network, says that, although people are interested in blockchain technology, many platforms slow down when they get busy, thus costing people time and money.

Although some blockchains offer solutions, they do so without supporting decentralized applications (dApps), according to the documentation.

The whitepaper says: “Matic Network strives to solve the scalability and usability issues, while not compromising on decentralization and leveraging the existing developer community and ecosystem.”

Polygon (MATIC) Explained

One of the big issues blockchains and their developers have to deal with is that of scalability. If a blockchain does a good job, it is likely to get more popular, meaning more people use it. In turn, this means that it is crucial that the platform can deal with higher traffic without slowing down and, as a result, costing its users time and money. One way of doing this is a level 2 scaling solution. This is a program that takes a transaction off the blockchain, carries it out, and puts it back on. One platform that is based on a layer 2 scaling solution but is, ultimately, much more than that is Polygon.

Polygon  was initially called Matic, but in 2021 it was rebranded as Polygon. The coin still goes by the ticket handle MATIC, and it rewards people who validate transactions on the network. It can also be bought, sold, and traded on exchanges. 

How Polygon Works

What makes Polygon a little different from other blockchains is that it exists to link up with other chains and serve as a kind of super layer 2 scaling solution.

The main Polygon blockchain comprises a main chain, which can link to Ethereum and other blockchains, with a variety of sidechains linked to it. Sidechains come in three forms. Zk-Rollups allow multiple crypto transfers to put together as one transaction and Plasma Chains put transactions into blocks. Optimistic Rollups work like Plasma Chains but with the additional ability to work with smart contracts, and computer programs that automatically execute when certain conditions are met.

Polygon operates with a Proof-of-Stake (PoS) consensus mechanism. This means people to add blocks to the blockchain based on how much MATIC they hold. People who hold MATIC are also able to vote on matters that have an impact on the platform’s future.

Is Polygon a Good Investment?

Polygon aims to get crypto moving, serving as the most notable layer 2 scaling solution platform. The coin has suffered, along with the rest of the market, over the last year or so, but it is still one of the biggest altcoins out there. As far as the future goes, a lot will depend on the implementation of Polygon 2.0. The new POL coin could be a success but traders could, equally, overlook it in favor of the better-established MATIC. 

Also, we will need to see what happens with the SEC’s latest court cases.

As ever, it is important to make sure that you do your research. 

Will Polygon go up or down?

No one can say with any certainty what will happen to MATIC in the future. While a lot of the price predictions are broadly bullish, price predictions do have a reputation for being wrong. It is also important to remember that prices can, and do, go down as well as up. 

Should I invest in Polygon?

Before you decide whether or not to invest in Polygon, you will have to do your research, not only on MATIC but also on other, similar, coins and tokens like Avalanche (AVAX). Ultimately, though, this is a question you will have to answer for yourself. Remember that you must never invest more money than you can afford to lose. 

Polygon Attention Tracker

Polygon Google Search Volume
Polygon Google search volume | Credit: Google

Here is a chart for Polygon Google search volume for the past 90 days. This represents how many times the term “Polygon MATIC” has been Googled over the previous 90 days.

FAQs

How Many Polygon are there?

On June 17, 2024, there were 9.89 billion MATIC in circulation out of a total supply of 10 billion.

Can Polygon Reach $10?

It could do but, if it does, it won’t be for quite some time yet. Keep in mind that the highest MATIC has ever traded at is $2.92, which it reached in late 2021 

What is Polygon used for?

MATIC is secures the Polygon blockchain. The coin’s holders can also vote on changes to the network and people can buy, sell and trade it on exchanges. 

 

Further Reading

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.