Polygon (MATIC) Price Prediction

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matic

Polygon

$0.468762*

^*prices delayed up to 10 minutes

+5.05%

24H

Buy Polygon

MOONBUST

274 votes

Cryptocurrency prices have been quite gloomy recently. Ethereum (ETH) and other major altcoins have been consolidating around key macro supports, with market fear at all time highs.

While long-term investors of ETH are surely happy with recent price declines, investors who bought the peak of the 2021 bull run are definitely kicking themselves. Nonetheless, despite the sluggish price action so far in 2022, Ethereum dominance has continued to increase.

However, due to the inherent problems with Ethereum’s low throughput and high fees, savvy investors are increasingly looking for alternatives in the altcoin market. Layer 2 solutions like Polygon (MATIC) have made terrific headway with traders in the space. 

But what is Polygon, exactly? And what kind of returns can be expected from a reasonable investment in the altcoin? With huge gains being realized everyday in the crypto market, Investors are asking just one question, how high can Polygon go?

What is Polygon?

At its most basic level, Polygon is a layer 2 solution for dApps built on Ethereum. Polygon allows traders to access, swap, exchange and stake ETH and ERC-20 tokens without the associated congestion and fees that plague the original smart contract platform.

With a proof of stake (PoS) bridge available to traders, Polygon seamlessly transfers funds between the Ethereum and Matic networks. Using the token, MATIC, traders can explore the dApps they’ve come to love on Ethereum while paying significantly less for the associated transaction fees.

But Polygon is more than a layer 2 solution. Ultimately, the company represents Ethereum’s “internet of blockchains.” Offering a framework for building Ethereum compatible blockchains, Polygon supports a multichain Ethereum ecosystem. 

Polygon Market Position

Polygon is ranked No. 17 by market cap in an expanding list of altcoins and is trading near $0.61 at the time of writing. As a top-tier altcoin with a usable platform, Polygon will likely attract an influx of traders, who after purchasing ETH, will find themselves unable to use it on Ethereum because of soaring gas fees.

With a circulating supply of roughly 8 billion coins, Polygon now finds itself nearing a $6 billion market cap. While there is still room to run, investors may be more interested in how the company will maneuver among a newer class of multichain competitors, like Cosmos (ATOM).   

PrimeXBT analyst Kim Chua is an institutional trading specialist. While known far and wide for her successful trading strategies in traditional markets, Kim actively follows cryptocurrencies in her role with PrimeXBT. And what she sees is extremely bullish for Polygon.

According to Kim, MATIC should be trading at $2.78 — at a minimum. Kim says Polygon suffers from a low valuation multiple when compared to other tokens in the space. And if she’s right, Polygon could be looking at incredible gains in the near term. 

Trading Beasts, a leading forex and crypto educational portal has forecast long-term expectations for the MATIC token. According to the education portal’s prognosticators, MATIC won’t be able to hit $2 until late 2022.

Where to Buy Polygon

If you’ve made it this far, you probably want to know where you can find the token behind Polygon’s multichain scaling solution. Lucky for you, MATIC is widely available on most top exchanges. 

When deciding on a trading platform that’s right for you, it pays to consider the differences among your options. With state-of-the-art security and feature-rich trading environments, your best options for buying MATIC include Coinbase, Gemini, Voyager and Crypto.com.

How Long Will it Take for Polygon to Reach $5?

Market participation is increasing. As Ethereum rises in price, its problems — network congestion and gas fees — magnify. Altcoins with smart contract platforms and layer 2 solutions like Polygon lie front and center before an increasingly frustrated investor class. And as Ethereum continues to grow, so will the value of its compatible blockchains. As such, it isn’t hard to imagine this coin making strides towards a brand new all-time high in the coming months and years. 

But riding the coattails of Ethereum’s popularity may not be enough to justify the $40 billion market cap that would come with a theoretical $5 coin. To reach these heights, MATIC will need to prove itself against a growing field of competitors in an uncertain future. 

Where to Store Polygon Safely

If you’ve decided to purchase MATIC, you’ll want to store your crypto safely in a wallet off of your chosen exchange. You’ll find both software and hardware wallets widely available, depending on your needs. 

While software wallets offer mobile connectivity and access to dApps, hardware wallets keep your assets disconnected from the internet and represent the most secure way to hold cryptocurrencies. Whichever you choose, the selections here represent trusted industry standards. 

Best For

• ERC-20 tokens

buy nowsecurely through Ledger Hardware Wallet's website

Best hardware wallet: Ledger

Ledger is hands-down the most secure way to store your cryptocurrencies — MATIC included. By storing your private keys on the device itself, ledger maintains a safe distance between your assets and easily-hacked devices like your smartphone. 

When security is critical, Ledger’s state-of-the-art cold storage device can’t be beat. And with the Ledger Live app, you can manage your assets safely and with ease.

Best For

• Web3 Security

get startedsecurely through Zengo's website

Best software wallet: ZenGo

With mind-bending simplicity, ZenGo offers the ultimate software wallet for storing all your crypto. Using facial biometrics, ZenGo has done away with the pass-phrases and private keys of yesteryear. The fastest and most secure software wallet on the market, ZenGo offers peace of mind, with no extra fees. 

Current Crypto Prices

There has been a lot of action in the market lately as Bitcoin (BTC) joins the altcoin market in its latest rally. With a total coin market capitalization near $2.25 trillion, a new all-time high looks imminent.

Bitcoin dominance sits at 41.7% and continues to fall despite recent gains. With Ethereum now leading the market, altcoins have exploded in the face of Bitcoin’s stagnant price movements. As Ethereum’s own dominance grows, Polygon has a good chance of making gains alongside the world’s No. 2 cryptocurrency.

So, Is Polygon (MATIC) a Good Investment?

Polygon’s path is inextricably linked with Ethereum's, which may be a good or bad thing depending on your investment strategy.

As smart contract platforms like Cardano (ADA) and Solana (SOL) develop, Ethereum becomes less important to certain traders. Should these projects continue to eat at Ethereum’s market share, it may be necessary to temper our expectations for Polygon. Besides, when Ethereum completes its upgrade to Eth2, the need for layer 2 workarounds may disappear altogether.

But despite an unclear future, Polygon has a usable layer 2 solution to Ethereum’s current congestion and associated fees. This puts Polygon and its token, MATIC, front and center before an emerging investor class.