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Polygon (Matic) Prices All set to Create New ATH, Prices Around $2 Level

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Polygon (Matic) Prices All set to Create New ATH, Prices Around $2 Level
  • Traders may attempt to exit long positions when Polygon is near $2.
  • A big closing over $1.87 would entice investors, alleviating selling pressure.

Polygon’s native token, MATIC, looks to be catching up with the market. By all indicators, prices may be on their way to a new all-time high. Likewise, the Polygon has broken past major resistance and is poised to hit new highs.

MATIC Price has risen over 22% in the previous four days, signaling positive momentum. Prices have climbed lately from $1.52 on October 23 to $1.86. The cryptocurrency is now trading at $1.8370, up 10.33% in the past 24 hours. $MATIC has a year-to-date ROI of +10337 percent.

For confirmation, measure the distance between the initial swing peak and the low swing peak, then multiply by $1.73 (breakout point) to arrive at a $4.32 target.

Before retesting the ATH at $2.70, Polygon will have to overcome two significant roadblocks at $2.04 and $2.22. If MATIC overcomes these challenges, it will reach $4.32. Traders may attempt to exit long positions when Polygon is near $2. Unfortunately, that might halt the upswing and prevent MATIC from breaking past that barrier and realizing its upside potential.

MATIC/USDT: Source: TradingView

The IOMAP graphic above shows the Bulls winning. At $2, just 1,280 addresses have acquired over 35.5 million MATIC. Polygon’s primary support level is $1.75.

With daily addresses increasing over the previous three months, the main spike is on its way. In addition, it seems that more cash and investors are entering the market, as the 7-day MA for active wallets has increased. To date, approximately 92 percent of all $MATIC addresses are profitable, according to ITB statistics.

The GIOM model predicts that Polygon has a single resistance at $1.87. Approximately 17.54 thousand crypto addresses bought 135 million tokens. A big closing over $1.87 would so entice investors, alleviating selling pressure. On the other hand, MATIC may so easily expand its surges. The alt will then skyrocket to $2.7 or more.

MATIC has risen by over 30% so far in October, and now, according to a Reddit debate, MATIC has handled 1 Billion transactions on the Polygon PoS chain.

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Solana Tops Cardano, Ethereum To Become The Most Staked Cryptocurrency

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Picture of Solana

Solana has slowly made its way into being the crypto sweetheart of 2021. The smart contracts platform had found popularity in the third quarter of the year as it rallied to new all-time highs following the massive adoption of the blockchain. It didn’t take long before the blockchain was being listed as an “Ethereum killer” placing it in competition with the likes of Ethereum and Cardano.

Solana has lived up to expectations since then as it stole more market share with each passing week. Decentralized finance (DeFi) services on the blockchain quickly took off as investors sought out cheaper alternatives to Ethereum.

Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend

Solana still holds a small share of the DeFi market compared to Ethereum but the blockchain has quickly grown to be a force to be reckoned with when it comes to staking.

Solana Takes The Lead For Staking

For a long time, competitor Cardano held bragging rights as the network with the most staked cryptocurrency. Now that title has been stolen by Solana as staking ramped up on the network. It now stands ahead of Cardano and Ethereum for total value staked on the blockchain.

Staking has become one of the leading ways for investors to make passive income while they held on to their coins. This has propelled the rise of digital assets like ETH and ADA to the forefront of the market given that these networks offered attractive yields to users.

However, Solana has quickly become the network of choice due to offering some of the highest yields compared to competitors Ethereum and Cardano. On November 23rd, Solana became the network with the highest value of tokens staked when total value had crossed $84 billion. This number put it right ahead of market leaders Cardano and Ethereum.

Solana staked value surpasses Cardano | Source | Staking Rewards

Solana’s yields currently have 77.37% of its total supply staked at an annual yield of 6.79%. Compared to this, Cardano has 70.5% of total supply staked at an annual yield of 5.71%, while Ethereum has only 6.85% of total supply staked with an annual yield of 5.2%.

Make Way For The “Ethereum Killers”

Activity on other smart contract platforms is ramping up as competition grows for Ethereum. Although the network still sees the most activity for DeFi and NFT minting, others such as Solana and Cardano are creeping up on the blockchain.

For the month of November, Cardano’s network activity has spiked considerably above that of Ethereum, suggesting more usage on the part of the former. Likewise, activities like NFT minting and DeFi services are ramping up on Solana, with Cardano expecting its first DEXes to launch soon.

Related Reading | Cardano Founder Addresses Liquidity Concerns Over eToro Delisting

Cardano had also recorded a spike in new staking wallets, with over 100K staking wallets added in the space of two months. Furthermore, Cardano’s new and active wallets had increased dramatically for the month of November, signaling growing adoption.

Solana received high praise from FTX founder Sam Bankman-Fried who hailed the cryptocurrency as a potential candidate for being the next Bitcoin.

Solana price chart from TradingView.com

SOL maintains value above $210 | Source: SOLUSD on TradingView.com
Featured image from CNBC, chart from TradingView.com
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VLaunch Announces Big-Name Crypto Backers Ahead Of Its Launch

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VLaunch

The VLaunch project is picking up some major traction ahead of its big launch this month, with a raft of big names from the blockchain community throwing their weight behind the effort.

The project’s list of backers reads like an A to Z of some of the top influencers in the blockchain space. Names such as That Martini Guy (117,000), Altcoin Buzz (with 335,000 subscribers), and Crypto Busy (205,000) are joined by professional investors such as the venture capital firm Metavest Capital, plus Altcoin Daily, Crypto Lark, The Moon Carl and Davincij15.

VLaunch is fronted by a couple of well-known blockchain influencers themselves – MMCrypto and CrypotoMo, and has the noble goal of democratizing access to promising early-stage crypto projects before they enter into the mainstream.

VLaunch should be very different from other projects of its kind. It bills itself as a first-of-its-kind metaverse-based, multichain launchpad with support for Ethereum, Binance Smart Chain, FTM and Matic/Polygon right off the bat. So not only will it have plenty of new tokens in its scope, but its choices will be guided by its active engagement with hundreds of well-known influencers in the crypto industry.

Indeed, community focus is a big part of what VLaunch is all about. As its founders point out, blockchain is all about removing control from the few and giving power to the many. So we can expect its community of prominent blockchain thought leaders to play a key guiding role as VLaunch strives to identify the most promising emerging DeFi projects.

Vlaunch has been moving quickly, attracting more than 88,000 members in its Telegram and recently announcing its pre-launch listing on CoinMarketCap. Key partnerships are said to be in place too, with hedge funds such as Brilliance Ventures and Hype Partners, the decentralized file-sharing protocol Skynet and blockchain PR agency MarketAcross all onboard.

Christopher Jaszczyski (MMCrypto) said he was inspired to create VLaunch after missing out on some of the biggest initial coin offerings of the past few years.

“I missed out on Axie Infinity, for example, I missed out on Decentraland… I wanted to invest in the ICO back then,” he said. “These things made like 100s and even 1,000s of X’s…  We want to find a way – how we can get our community in completely for free… the whole space is gonna be big.”

 

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The Cheapest DEXes To Trade On Layer 1 Ethereum

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DEX

The past couple of years has seen decentralized finance (DeFi) maintain a meteoric rise. Such an impressive growth can only mean one thing—a rise in decentralized exchanges as well.

With centralized exchanges proving a little complicated and problematic at times, the crypto space will agree that decentralized exchanges are the future of cryptocurrency trading on Layer 1 Ethereum.

While these decentralized solutions are great and have caused a rise in DeFi activities, users have had to contend with paying miners higher transaction/gas fees.

But these solutions don’t have to be expensive and there are some great exchanges keeping things economical. Here are some of the cheapest DEXes to trade on layer 1 Ethereum.

#1. Balancer

Balancer launched in 2020 as an Automated Market Maker allowing DEXes to function more efficiently in the DeFi space. One of Balancer’s aims has been reducing gas fees for traders on Ethereum and making liquidity pools relatively gas-efficient for new smart contracts.

The protocol has set out to make loads of features solid but streamlined. Balancer has recently integrated with blockchain network Gnosis, creating the Balancer-Gnosis protocol (BGP). Their joint work culminated with the launch of CowSwap DEX, which has users needing only to pay a fraction of the gas fees other traders pay to use other DEXes. The gasless option however only functions for ERC-20 tokens.

#2. Uniswap

Uniswap is seen as the benchmark for decentralized exchanges in the crypto space. The platform is the most used DEX, recording a 7-day trading volume of $12.5 billion in September.

Uniswap is also the biggest gas consumer on the Ethereum network. While Ethereum transaction fees have gone really high over the years and have become economically non-viable for less bigger users.

However, Uniswap tries to keep things cost-effective for traders. It charges three fee tiers of 0.05%, 0.30%, and 1.00%, depending on the pair. Fees are paid to liquidity pools

#3. Sushiswap

Sushiswap and its token, $SUSHI, were launched in August 2020 as a decentralized exchange and a crypto token respectively. Sushiswap offers traders a 0.3% fee for swaps.

Out of this fee, 0.25% of it is forwarded to the liquidity pool while the remaining 0.05% is distributed to the holders of SUSHI token.

#4. 1inch

The 1inch platform utilizes a gas token called Chi which is minted when gas prices fall and burnt when gas prices are high. It allows the exchange to save at least 40% in gas fees despite trade going through exchanges like Sushiswap or Uniswap. It charges no swapping fees.

The DEX aggregator searches for some of the best rates on more than one dex. It splits the trade by pools to retrieve the maximum number of tokens possible in a single transaction. This is great for bigger trades where passing through multiple exchanges will be beneficial to maintain a better exchange rate while reducing lost value from gas fees.

#5. dYdX

dYdX is primarily a derivative decentralized crypto exchange. On dYdX, there are no deposit or withdrawal fees associated with transactions. Users are however responsible for the cost of gas that accrues from their withdrawal or deposit transactions.

However, the platform charges takers a fee of 0.10% and makers 0.05%. A recent study shows that the fees that dydx charges are higher than the industry average contract trading fees.

Conclusion

At the moment, DeFi platforms are getting the well-deserved recognition and patronage they deserve from investors and consumers.

Despite struggling with rising transaction fees, DEXes on the Ethereum layer 1 blockchain is still out to offer some of the cheapest decentralized exchanges for traders to thrive on. If you’re on the lookout for a DEX you can trust, you can start with Balancer and other DEXes on the list.

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