3 reasons why Polygon (MATIC) is up 100%+ during a bear market
Unlike bull markets where traders can basically throw a dart at a list of coins to pick one that will go up, bear markets require much more effort to find projects that could perform well over the long-run.
One project that has continued to show signs of mainstream adoption despite the onset of a crypto winter is Polygon (MATIC), a layer-two scaling solution for the Ethereum (ETH) network that is looking to build a sustainable Web3 infrastructure on the top smart contract platform.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.316 on June 18 during the worst of the crypto market sell-off, MATIC has climbed 118% to $0.70 where the price now sits at a major support and resistance level that first appeared in March 2021.
Three reasons why the long-term outlook for Polygon remains positive include its continued adoption by mainstream entities, the migration of multiple projects to the Polygon network and an increase in the platforms offering liquid staking services for MATIC.
Adoption by influential mainstream companies is one of the best forms of marketing that a blockchain platform can receive as it exposes them to a large pool of potential users.
In the past few months, Polygon has established partnerships with Coca-Cola, which released a pride series NFT collection on the network and Reddit, which announced that it was launching an NFT marketplace on the Polygon network on July 7.
Most recently, it was announced that Polygon has been selected by Disney to be the only blockchain included in the 2022 Disney Accelerator program, a “business development program designed to accelerate the growth of innovative companies from around the world.”
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