- MATIC price could break out of a downtrend, climb higher as network activity increases.
- The development team deployed a hotfix to keep the Ethereum scaling solution's blockchain network live.
- Analysts predict a MATIC price rally and believe the altcoin could retrace its losses.
MATIC price could climb higher with the spike in the number of decentralized applications on its blockchain. The Ethereum scaling solution fixed the disruption in its operations, powering a higher number of decentralized applications and users on its network.
MATIC price could breakout as network activity explodes
MATIC price remains 50% lower than its all-time high however, the Ethereum scaling solution's total value locked has climbed consistently. Proponents argue that MATIC is competing with scaling solutions and layer-2 networks.
This week's fastest-growing dApps on the Polygon network, by active addresses, have a combined total of 326,000. Proponents believe that decentralized applications on the Polygon network have contributed to the development of the Web3 ecosystem.
MATIC network witnessed a spike in transaction volume from dApps, without the challenges of high transaction fees and network congestion on the Ethereum network.
The development team behind MATIC token recently fixed the disruption in the blockchain network's operations. The hotfix avoided network congestion on the MATIC network's blockchain.
Analysts have evaluated the MATIC price trend and predicted a 36% upswing in the Ethereum scaling solution's token. The Polygon network believes MATIC could break out of its downtrend. FXStreet analysts note that MATIC price trend formed an ascending or rising wedge all along, before the falling wedge pattern.
Therefore, the altcoin is prepared for a breakout, and analysts argue that MATIC collected liquidity, gearing up for a swing high. MATIC price could break past $2.69 in the current uptrend before it proceeds to break lower. FXStreet analysts have predicted that MATIC price is primed for the upswing in the ongoing cycle.