DeFi altcoin projects Polygon (MATIC), Balancer (BAL), and Chainlink (LINK) posted double-digit gains for their holders last week despite the crypto bloodbath. Analysts say Ethereum’s upcoming Merge and adoption of NFTs by Meta and Ticketmaster are fueling the DeFi rally.
Altcoin projects that Ethereum Merge supports bullish sentiment
DeFi tokens like Tier 2 scaling solutions and projects like Chainlink and Balancer are key for ETH holders. The Ethereum community witnessed a price increase in Polygon (MATIC), Chainlink (LINK), and Balancer (BAL). These three altcoins gave their holders 10-20% gains last week.
Merge, the Proof-of-Stake (PoS) gateway for leading altcoin Ethereum, is key to the ETH ecosystem. Another important factor is the adoption of NFTs by big tech companies like Meta and Ticketmaster. NFTs have emerged as an important part of the Ethereum ecosystem. Therefore, their adoption is fueling a bullish sentiment among ETH holders. Thus, MATIC, LINK and BAL emerge as top choices among holders in the ETH community.
Ethereum’s Merge and its impact on DeFi
Ethereum’s Proof-of-Stake (PoS) transition has been key to the crypto market, as have various crypto projects and smart contracts. cryptocoin.comAs you follow, Merge has increased the price of ETH. In response to the anticipation surrounding Merge, projects like Optimism, Avalanche, MATIC have witnessed a rise in their prices.
Meanwhile, analysts say the Merge has yet to be priced in. They also note that the Ethereum ecosystem will likely witness the price increase. An analyst with the nickname Trader_XO evaluated the MATIC price chart. The analyst predicts a rally to $0.91 for the altcoin project.
However, analysts at FXStreet say that MATIC price is on the last line. Analysts note a 25% drop in Polygon is likely. FXStreet analysts give MATIC a different assessment than Trader_XO. In this context, analysts predict a trend reversal for the Ethereum scaling solution, contrary to the bullish forecast.
At press time, MATIC is changing hands at $0.8729, according to CoinMarketCap data. The altcoin has lost 2.41% in the last 24 hours. However, it managed to record an increase of 8.24% on a weekly basis. The Tier-2 altcoin, which ranks 12th in terms of market capitalization, reached an all-time high of $2.92 about 8 months ago. Falling since then, MATIC has now lost 70% of its peak price.
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