Price predictions for Ethereum layer-2 scaling network Polygon ($MATIC) are pointing to a bearish turn before the end of the year, with users believe the price of the cryptocurrency will drop significantly from its current level.
According to data from CoinMarketCap’s price estimates feature, the cryptocurrency community’s price predictions point to an average of $0.899 per token by the end of this year, which represents a 20% drop from $MATIC’s current $1.13 price tag.
As for the end of November, the cryptocurrency community is expcting the price of MATIC to drop to $0.895, suggesting the community sees little movement in the cryptocurrency’s price during the last month of the year.
Notably, these predictions contrast with growing adoption of the Polygon network, which earlier this week was used by multinational banking giant JPMorgan to executed the bank’s first-ever trade using decentralized finance on a public blockchain.
The bank issued tokenized S$100,000 (US$71,000) as part of the Singapore central bank’s pilot programs exploring the use of decentralized finance in the banking sector. JPMorgan then traded the tokenized Singaporean dollars for tokenized yen with Japan’s SBI Digital Asset Holdings, DBS Bank, Standard Chartered, and HSBC.
The transaction used both the Polygon network and a modified version of major decentralized finance lending protocol Aave. Tyrone Lobban, Head of Blockchain Launch and Onyx Digital Assets at JP Morgan’s Onyx business unit, was quoted saying:
“Today was the first step to show that we can actually trade on these public networks. The future is really working toward scaling this pivotal moment.”
On top of that, Meta started developing a non-fungible token (NFT) minting and trading feature through its Instagram application, according to an announcement from the company. The feature will allow users to create and launch their own NFTs for sale through the platform.
The social media giant will, at launch, use the Polygon blockchain for the NFTs, while also pulling metadata from NFT marketplace OpenSea so that collection names and descriptions are available on it.
As a result of the growing adoption, MATIC’s price has jumped more than 40% over the past 30 days.
As reported, a popular cryptocurrency analyst has suggested that the price of $MATIC is set to surge in the near future to the point it will outperform the flagship cryptocurrency Bitcoin ($BTC) and other altcoins.
Pseudonymous cryptocurrency analyst Kaleo shared his bullish $MATIC thesis with his over 500,000 followers on the microblogging platform, noting that it is “one easy alt [altcoin] that should still have quite a bit of upside.”
Per the analyst, in the MATIC/BTC a predominant structure is a “HTF [High Time Frame] flag dating back to May of ’21 that looks ready for another leg higher.” Kaleo added that a retrace is likely before a breakout, meaning that MATIC could still drop before moving to its all-time high or entering a price discovery phase.
Image Credit
Featured Image via Unsplash
