MATIC, Polygon’s native token, has seen a significant increase, rising more than 15% in early Wednesday trading. MATIC’s bullish momentum is pushing it towards 2022 highs, despite its price of nearly $1.10.
This surge coincides with Polygon’s transition from a scaling solution to a broader blockchain development platform, which has piqued the interest of investors.
According to the most recent trading data, MATIC is worth $1.04, a significant increase from its previous support level of around $0.88 earlier in the week. The token’s impressive 15% single-day gain has contributed to a 32% week-to-week gain.
MATC‘s 24-hour trading volume has risen to more than $2.3 billion, a remarkable 107% increase over the previous day. This surge in trading activity demonstrates traders’ and investors’ intense interest in the current price levels.
Polygon’s MATIC is positioning itself to face strong resistance around $1.40, aiming for a new yearly high with sustained bullish momentum.
Analyst Ali Martinez believes that breaking through the $0.96 barrier could lead to MATIC prices reaching $1.73.
Polygon’s meteoric rise from $0.3 in the summer coincides with its transition from a specialized layer-2 scaling solution to a versatile blockchain development platform.
The recent release of Polygon CDK (Customizable Development Kit) marks an important step forward in this transformation.
Polygon CDK enables developers to take advantage of Polygon’s modular infrastructure, allowing them to create customizable chains optimized for a variety of applications.
Polygon’s technology can be used to create everything from NFT platforms to metaverse worlds and gaming apps.
Polygon CDK is already being used by major brands to build high-throughput, low-cost networks that are aligned with their specific product roadmaps.
