Alongside the majority of the cryptocurrency market, Polygon (MATIC) has been riding the red wave in the past weeks, and the crypto community remains pessimistic as artificial intelligence (AI) has projected that the price of MATIC could continue its bearish path by the end of this year.
As it happens, CoinCodex’s machine self-learning platform has determined that Polygon is in danger of dropping below $1 and is likely to be changing hands at the price of $0.463660 on December 31, 2023, which would represent a decrease of 58.6% on its current price, according to the data retrieved by Finbold on March 6.
That said, the AI’s longer-term prediction sees an increase in the price of Polygon to $5.30 or during a period of one year, which, if correct, would represent a gain of 373.21% to the digital asset’s price at press time.
Polygon price analysis
At the time of publication, MATIC was trading at $1.12, recording a drop of 2.22% on the day, 12.4% across the previous week, in addition to being down 10.17% in the past 30 days. However, the coin has managed to accumulate a steady increase of 47.57% since the year’s turn and finds itself ranked inside the top 10 coins by market capitalization.
In terms of its technical analysis (TA) on one-day gauges at finance and cryptocurrency tracking platform TradingView, the sentiment for Polygon is also bearish, suggesting ‘sell’ at 10, as summarized from oscillators being in the ‘neutral’ zone at 9, and moving averages (MA) indicating ‘sell’ at 9.
That said, things get more interesting (and even bullish) for MATIC when observing the one-week gauges, where the summary is pointing to a ‘buy’ at 12, which is the result of both oscillators and MAs being in the ‘buy’ area at 2 and 10, respectively, as data indicates.
Polygon network growth
Meanwhile, the MATIC ecosystem has been rapidly growing, as major international brands, such as Instagram, Starbucks, Prada, Stripe, Reddit, Adobe, Adidas, the National Football Leagues (NFL), and the Walt Disney Company, have all partnered with Polygon.
It should also be noted that the MATIC team is working on Polygon zkEVM (zero-knowledge Ethereum Virtual Machine), and its key developer, Jordi Baylina, has recently disputed Solana (SOL) co-founder Anatoly Yakovenko’s take on scalability solutions such as the ZK L2s.
Specifically, Yakovenko has earlier argued that provers (Layer 2 elements responsible for the validity of transactions broadcast to the Layer 1 mainnet) could not keep up with the underlying chain, boasting Solana’s solution as the only productive one.
In response to this, Baylina shared his disagreement, along with his own views on the true limitations of ZK-centric solutions, highlighting Polygon zkEVM as a flexible design with no bottlenecks that allows building ‘parallel’ trees of proofs where the root proves a full chain segment.
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