Most of the cryptocurrency market is slowly picking up pace after a period of sideways trading, with Polygon (MATIC) notching significant advances over the past weeks, although the crypto community isn’t very bullish on its price in the near future.
Indeed, the latest tally of votes cast on CoinMarketCap’s Price Estimate feature shows that the community expects MATIC to trade at a median price of $0.9025 on November 30, 2022, according to the data retrieved by Finbold on November 4.
More precisely, this prediction is the result of 3,169 votes cast by press time, which represents a decline of $0.2039 or –18.43% from the Polygon token’s current price of $1.11.
As for longer-term predictions, the community is slightly less bearish, expecting Polygon to trade at the price of $0.9076 on December 31, which would represent a decrease of $0.1988 or -17.97% to the current MATIC price.
Meanwhile, the community’s predictions paint a significantly different picture than the token’s current behavior, as Polygon is presently recording double-digit gains of 14.87% on the day, as well as 21.72% across the previous week, adding up to the monthly advance of 33.47%.
Since the beginning of 2022, the decentralized finance (DeFi) token has been following the downward trend of most of the crypto sector’s assets, losing 56.13% on its price since January 1.
MATIC Increased adoption
Meanwhile, Polygon is advancing its technology and increasing the adoption of its blockchain, having around 37,000 decentralized applications (dApps) under its belt by August 2022.
In addition, it has been onboarded by companies such as Warren Buffett-backed Nubank while, more recently, the police department of India’s Firozabad city announced a plan to use the Polygon blockchain to register complaints as part of speeding up the resolution process of public complaints.
Furthermore, Meta (NASDAQ: META) has recently partnered with Polygon to help it release its non-fungible token (NFT) tools that would facilitate minting, selling, and showcasing user’s digital collectibles on Instagram.
Not only that, JPMorgan (NYSE: JPM) also deployed the platform to carry out its first live trade on a public blockchain. The trade in question is worth around $71,000 and marks the first tangible effort toward incorporating digital assets into traditional finance.
Finally, Polygon supports the Tether (USDT) stablecoin and is directing investments in carbon neutrality which, in addition to other positive developments, could contribute to the Polygon token’s future price increase.
Source : Finbold