AI Predicted Polygon (MATIC) Price At The End Of 2023
The machine self-learning engine at CoinCodex has assessed that Polygon (MATIC) is in danger of falling below $1 and is most likely to trade at $0.463660 on December 31, 2023, a decline of 58.6% from its current price. However, the AI’s longer-term forecast anticipates a rise in Polygon’s price to $5.30 or over a year, which, if realized, would represent a gain of 373.21% over the digital asset’s price at press time.
Polygon price prediction | Source: CoinCodex
MATIC was down 2.22% on the day, 12.4% over the previous week, and 10.17% over the previous 30 days as of publication, trading at $1.15.
MATIC/USD 4-hour chart | Source: TradingView
Yet, the coin has consistently grown by 47.57% since the beginning of the year and is currently among the top 10 coins in market capitalization.
Technical analysis (TA) on one-day gauges at cryptocurrency and financial tracking platform TradingView indicates that Polygon is likewise bearish, suggesting sell at 10 as summed up from oscillators being in the ‘neutral’ zone at 9 and moving averages (MA) indicating sell at 9.
Polygon one-day sentiment gauges | Source: TradingView
But when looking at the one-week gauges, where the summary points to a “buy” at 12, as shown by the data, things become more interesting (and even bullish) for MATIC. This is because oscillators and MAs are in the “buy” area at 2 and 10, respectively.
Major multinational companies, including Instagram, Starbucks, Prada, Stripe, Reddit, Adobe, Adidas, the National Football Leagues (NFL), and the Walt Disney Company, have all worked with Polygon, contributing to the MATIC ecosystem’s rapid growth.
It should be mentioned that the MATIC team is developing the Polygon zkEVM (zero-knowledge Ethereum Virtual Machine) and that Jordi Baylina, a prominent project member, has questioned Anatoly Yakovenko, a co-founder of Solana (SOL), in his opinion of scaling solutions like the ZK L2s.
Yakovenko specifically claimed that Solana’s solution was the only workable one, claiming that provers (Layer 2 components in charge of ensuring the legitimacy of transactions broadcast to the Layer 1 mainnet) could not keep up with the underlying chain.
Baylina disagreed and offered his perspectives on the real drawbacks of ZK-centric solutions in response, praising Polygon zkEVM as a flexible design with no bottlenecks that enables the construction of “parallel” trees of proofs where the root verifies an entire chain segment.
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