The highly anticipated Merge of the leading altcoin Ethereum is approaching. This excites crypto investors. Meanwhile, the host of the crypto channel Coin Bureau predicts that Polygon (MATIC) will rise before Ethereum Merge next month.
“Polygon (MATIC) is starting to show signs of recovery”
cryptocoin.comAs you can follow, Ethereum Merge scheduled for September is approaching. A popular crypto analyst says that the blockchain scaling solution Polygon (MATIC) is ready to roll out ahead of the much anticipated Merge of Ethereum (ETH). In a new video update, the host of the Coin Bureau alias Guy notes that MATIC has been struggling over the past few months despite seeing many bullish developments. In this context, the analyst makes the following assessment:
The MATIC token has been hit hard by the crypto bear market. It’s down about 50% since I last covered the project in March. But it started to show some signs of recovery. Alongside the crypto bear market, the MATIC token has seen a massive increase in its circulating supply over the past few months. Along with these was suppressed by the selling pressure. Since March, the supply of MATIC has increased by approximately 340 million.
Guy predicts a roughly 50% rally for the altcoin
According to the analyst, MATIC looks set to rise despite its struggles as Ethereum’s update from a Proo of Work (PoW) mechanism to a Proof of Stake (PoS) mechanism. Guy says Polygon will benefit from Merge as scaling solutions will become more environmentally friendly. The analyst explains his view as follows:
Regardless of these fundamentals, MATIC seems to continue its short-term rally. This is because of Ethereum’s upcoming transition to PoS. This will benefit tokens like MATIC. Based on acceptable amateur technical analysis, it is possible for MATIC to climb as high as $1.50 to Ethereum’s Merge in mid-September. This is consistent with ETH’s own price action, which predicts up to 2x increases between now and then.
“Merge will increase institutional investors’ interest in Polygon”
According to the analyst, this also makes a lot of sense. Because Merge will make Ethereum more environmentally friendly by expanding scaling solutions. MATIC will certainly benefit from this positive environment. Therefore, the analyst will increase the already high interest of institutional investors in Polygon. Continuing, the analyst comments:
Also, post-Merge Polygon scaling solutions will still be needed. Because Merge will not affect Ethereum’s transaction speeds or fees that much.
Meanwhile, MATIC was trading at $0.9166 at press time, according to data from CoinMarketCap. The altcoin is up 0.65% on a daily basis, while losing 3.91% on a weekly basis.
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