The price of the 18th most valuable cryptocurrency in terms of market cap, Polygon (MATIC), has jumped by more than 30% over the last few days. According to CoinMarketCap, MATIC saw a 48.72% increase in price over the last week and an increase of 17.54% over the last 24 hours alone.
However, MATIC is still down about 83% from its all-time high that was reached on December 27, 2021. Despite this, Polygon’s current price surge is definitely a relief to investors who have been battered by the downturn in the market.
MATIC Network/TetherUS 1D (Source: TradingView).
MATIC is currently trading at $0.5917 after reaching a high of $0.62099 over the last day. MATIC has also broken out of the ascending triangle pattern, which means that the next resistance is expected to be at the $0.73 level.
The MATIC price surge can be attributed to Polygon’s recently achieved carbon neutrality, which is a balance between emitting and absorbing carbon.
On June 21, the blockchain company said in a blog, “Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.”
The co-founder of Polygon, Sandeep Nailwal, stated that “Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.”
Others believe that MATIC’s price surge is the result of substantial whale accommodation over the last six weeks.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
