Crypto Market Review: $MATIC on the rise following the fundamental growth of Polygon, while $SOL and $ETH are not falling behind
as assets tied to L2s, hyped L1s and those that have exposure to Chinese investors are rallying massively, bringing a second wind to the cryptocurrency market recovery that began in January.Polygon's MATIC token has seen a 25% rise in value, and the rally has accelerated in recent days due to the hype surrounding Layer 2 networks, which Polygon is actively developing. MATIC has been one of the strongest performers in the market in the last few months, despite the dominance of bears.
MATIC's price has surged from its low of $0.19 in December to its current price of around $0.52, with some predicting that the token will reach the $1.00 threshold in the foreseeable future if the same growth pace remains. The rise of MATIC can be attributed to a variety of factors, including the network's scalability, low transaction fees and growing adoption in the NFT and DeFi spaces.In addition to its L2 solutions, Polygon has also been expanding its partnerships and use cases.
With the further growth of popularity of NFTs and the overall rise of risk tolerance on the market, Solana and similar cryptocurrencies might see an increase in inflows, and hence see a surge of the price level on theEthereum has recently painted an important technical signal on its daily chart, the golden cross. This occurs when the short-term moving average — in this case, the 50-day moving average — crosses over the long-term moving average, in this case, the 200-day moving average.
Ethereum's recent performance has been somewhat mixed, with the cryptocurrency experiencing both significant gains and losses over the past few weeks. While the recent market downturn has had an impact on Ether, the cryptocurrency has still managed to hold up relatively well compared to many other assets on the market.
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