Will Polygon’s DApp ecosystem growth boost MATIC price?

Now Polygon is the home of more than 53,000 decentralized applications according to the latest statistics published by the leading web three development platform, Alchemy.

It has increased nearly 60% since June and more than eightfold from the beginning of this year. It is a total of DApps that have ever been developed on the main net and test net of Polygon. 

Polygon DApps Ecosystem Growth

Monthly active DApps grew by 29% from the end of the quarter, up to 17,800. The growth quadrupled from the beginning of the year.

The Polygon PoS chain rose 27% to 13,700. Around 66% of projects are built entirely on Polygon, and the rest also launch on Ethereum. The use of Polygon has increased interest in the latest DeFi Applications and Non-fungible Tokens (NFTs) on the blockchain.

Polygon PoS serves as a platform for many significant Web3 projects, such as Aave, Uniswap V3, OpenSea, and Mark Cuban’s founded Lazy.com. The popularity is the main reason why companies like Adobe, Nothing, Reddit, eBay, and Robinhood have selected Polygon as their primary platform for Web3.

This PoS is just one of the Polygon suite of products, including Polygon Supernets, a fast-track process for creating custom chains specifically for decentralized applications.

There will be many exciting milestones coming in the next few months. Will such milestones impact Polygon’s price? Read our technical analysis on MATIC before investing.

MATIC daily chart

We can find a sidewise momentum on Polygon for the short term, which has been consolidating within a range of $0.7 and $1.05. When writing this post, the MATIC  price is trading around $0.86. The candlesticks are in the upper range of the Bollinger band, suggesting bullishness for the short term, but we can find the resistance around $0.93, so it becomes a risky investment.

The chart has been forming lower lows and lower highs in the last month, suggesting further consolidation for the next few weeks. We think it is not the right time to invest in the short term. If you are a long-term investor, you can consider accumulating MATIC for the next five years as per our Polygon MATIC price prediction.

Polygon weekly chart

The weekly candle sticks are also forming around the baseline of the Bollinger band, suggesting a consolidation phase. We think you should invest for the long term when the price of MATIC crosses the level of $1.1. Before that, it is forming lower highs and lower lows that do not suggest bullishness for the long term. Please follow our website to get the latest update on Polygon.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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