Polygon Market Outlook: MATIC Price Unaffected by SEC Scrutiny as Value Layer Launch Gains Momentum

The post Polygon Market Outlook: MATIC Price Unaffected by SEC Scrutiny as Value Layer Launch Gains Momentum appeared first on Coinpedia Fintech News

The Polygon (MATIC) market continues to showcase its crypto dominance, particularly in Ethereum’s layer two (L2) ecosystem. The Polygon network boasted more than $970 million in total value locked (TVL) and over $1.4 billion in stablecoins market cap.

However, the Polygon Labs team led by CEO Marc Boiron has continued to build amid the crypto winter and FUD news. For instance, the Polygon team is in the process of launching its value layer dubbed Polygon 2.0 before the end of July. Among other network integrations, the Polygon ecosystem has managed to remain bullish despite the recent attack from the U.S. SEC.

Whoever ignored the FUD and bought #MATIC with me last month is already up +42%

Whoever bought at $0.81, is now -7% in red, as long not realising loses you are good. The +42% profit for buying at $0.52 and $.056 range already repaid the loss

This is what’s called DCA in times…

— Doctor Profit (@DrProfitCrypto) July 10, 2023

Polygon (MATIC) Price Analysis

The Polygon (MATIC) market has managed to trend closely with Binance’s BNB in the weekly time frame. The mid-cap crypto project had a reported traded volume of about $533 million, up approximately 100 percent in the last 24 hours. As a result, Polygon’s (MATIC) price has gained about 10 percent in the past 24 hours to trade at about 74 cents during the early London market on Tuesday.

On the daily time frame, Polygon price has been trapped in a rising channel after dropping more than 53 percent from March through June. The rising channel could, however, be a bearish flag awaiting more downside in the near term perspective. Moreover, the Polygon market has been bleeding against Bitcoin in the recent past as it is with other altcoins.