- Polygon’s recent integration with Oddz Finance is one among a string of developments.
- Stakefish, a proof-of-stake validator, announced that it is securing Polygon.
- MATIC price shows a minor dip toward the support area that stretches from $0.674 to $0.768.
Polygon has been at the forefront of scaling Ethereum blockchain via its L2 solutions. Its most recent collaboration involves Oddz Finance and a proof-of-stake (POS) validator called Stakefish. That MATIC price has dropped due to the current market crash seems to have been contained.
Polygon continues making headway
Polygon announced on Monday the partnership with Oddz Finance, a trustless on-chain option trading platform, to help improve its users’ experience.
Since Polygon is a Layer 2 scaling solution, the transactions that usually occur on Ethereum blockchain will now be routed to Polygon, making the transactions faster, secure and scalable.
Additionally, it will help alleviate the legacy blockchain’s higher gas fees that had caused the “DeFi summer” to end in a bottleneck.
However, this integration between Polygon and Oddz Finance is the first step toward DeFi’s mass adoption.
The announcement reads,
This integration with Polygon will allow options traders on Oddz Finance to execute contracts in a simple and secured manner. Due to the high throughput on Polygon’s network, users will be able to buy call and put options on the go!
Additionally, Stakefish, a leading validator for POS blockchains, has revealed support by securing Polygon. Due to its global presence, the validator nodes and sentry nodes are distributed. Allowing users to stake their MATIC holdings directly through Stakefish will help the L2 scaling solution be more decentralized and secure.
Polygon’s fundamentals seem to be improving with every integration they make, onboarding a plethora of projects and applications and improving the ecosystem surrounding the Ethereum blockchain.
MATIC price reveals bullish outlook
MATC price dropped 15% during the recent market crash but shows signs of recovery as it approaches a critical demand barrier that extends from $0.674 to $0.768. This support level has been crucial in fighting off the sellers and pushing Polygon to a new high at $1.057 on May 9.
This upswing will be undone as MATIC price approaches the said demand zone. A bounce from this area seems likely due to the confluence provided by the 100 four-hour Simple Moving Average (SMA) at $0.748.
A retest of the 100 SMA is possible after sellers slice through the 50 SMA at $0.813. Hence, investors can expect a resurgence of buyers in the demand zone, leading to a 20% upswing to $0.926. If the bullish momentum persists, an additional 10% upswing could retest $1.02.
MATIC/USDT 4-hour chart
While it is plausible that MATIC price will bounce from the demand area ranging from $0.674 to $0.768, there is a slim chance that it will breach it. If this support zone is breached, it will invalidate the bullish thesis.
Under these bearish conditions, investors can expect the L2 solution’s token to bounce from the following area of interest that spans from $0.5566 to $0.589. Here the 200 SMA at $0.562 will be critical, a breakdown of which will trigger a full-blown bearish downtrend to $0.492.