• Polygon (MATIC) exploded 13% amid a serious rally for cryptocurrencies.
• The positive factors for MATIC value come amid main community developments and partnerships.
• MATIC might surge even greater, however a retreat to help at $1.40 can also be doubtless.

Polygon is amongst immediately’s most spectacular performers, with the cryptocurrency’s native MATIC surging 13% prior to now 24 hours to interrupt to $1.45. Knowledge from CoinGecko reveals the Polygon value traded at $1.28 earlier than the rally that got here as the remainder of the crypto market ripped greater – led by Bitcoin’s soar to above $25,000.

Right this moment’s rally for MATIC provides to a bullish run over the previous two days, with the token’s worth climbing from lows of $1.14 on Tuesday.

Why might MATIC value go greater?

Polygon value has benefitted from the general sentiment throughout the crypto market, which is mirrored within the Bitcoin Concern & Greed Index shifting from impartial to greed.

Nevertheless, the upside momentum has additionally been right down to main developments on the Ethereum scaling protocol.  

One of many large bulletins is round Sq. Enix, a number one online game developer from Japan recognized for titles comparable to Closing Fantasy & Kingdom Hearts. The corporate is ready to launch its Web3 recreation on the Polygon blockchain. The Plague of Frogs can also be coming to Polygon, including to different partnerships with the Nationwide Geographic.

Additionally secret’s the upcoming launch of Polygon zkEVM on 27 March 2023, which as CoinJournal just lately reported, will convey frictionless scaling to Ethereum. As famous by Orion Depp, Managing Companion at Grasp Ventures Institutional Funding Administration, the zkEVM beta mainnet launch will “revolutionize blockchain transactions.”

Can these developments assist MATIC value greater? Crypto dealer and investor Luke Martin says MATIC value has solely been on the up in 2023 and notes the zkEVM mainnet launch might be fueling the newest pump. 

$MATIC is up solely in 2023

Seems to be like zkEVM mainnet launch in March is including gas to the transfer greater

Have completely no concept if zkEVM mainnet launch means the token needs to be price extra however I am very pleased that everybody else thinks that

Respect the pump 📈 pic.twitter.com/FSbWvhT0bb

— Luke Martin (@VentureCoinist) February 16, 2023

If bears retake management, the primary main help zone is close to $1.40 after which $1.36.