Polygon Climbs 20% On Disney Glee – Can MATIC Sustain Gains This Month?

MATIC, the autochthonal token of Polygon, is the highest performing cryptocurrency successful CoinMarketCap’s apical 50 database by marketplace capitalization implicit the past 24 hours, with gains of astir 20%.

MATIC reached its highest level since aboriginal June, successful the mid-$6.0 range, a time aft Polygon was selected for Walt Disney’s benchmark concern maturation program.

According to a Disney release, Polygon is 1 of the six organizations that volition enactment successful the company’s 2022 Accelerator Program, a concern and improvement inaugural created to beforehand the enlargement of originative businesses globally.

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Polygon (MATIC) Rises 20% In Last 7 Days

As of this writing, MATIC is trading astatine $0.656, up 20.3% successful the past 7 days, information by Coingecko show, Thursday, its highest level successful a month. In doing so, the token besides surpassed its 50-day exponential moving mean (EMA), the sloping reddish absorption people that had constrained MATIC’s gains since January of this year.

This week marks the motorboat of the Disney Accelerator program, which aims to research caller technologies wrong augmented world (AR), non-fungible tokens, and artificial quality (AI).

Image: The Daily Hodl

The caller rebound successful MATIC is besides important from a method position and whitethorn portend a near-term turnaround successful the cryptocurrency’s fate. According to pundits, the caller surge successful the token’s terms paves the mode for further gains towards $7.50.

MATIC Faring Better Than BTC & ETH

Polygon was erstwhile known arsenic Matic Network. MATIC is an Ethereum token that enables the Polygon Network, an Ethereum scaling solution. Using Layer 2 sidechains, which are blockchains that run parallel to the Ethereum main chain, Polygon intends to marque Ethereum transactions faster and much affordable.

MATIC’s upward question was synchronized with intraday betterment moves observed elsewhere successful the cryptocurrency market. Polygon performed amended than the bulk of its heavyweight competitors, including Bitcoin (BTC) and Ether (ETH). Walt Disney whitethorn beryllium the driving unit down MATIC’s improved performance.

MATIC full marketplace headdress astatine $5 cardinal connected the regular illustration | Source: TradingView.com

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A snapshot of the cryptocurrency marketplace reveals that the 2 largest cryptocurrencies by marketplace capitalization, BTC and ETH, person some witnessed terms declines during the past 24 hours. The terms of Bitcoin was down by 3.71 percent, portion the terms of Ethereum fell by much than 6 percent, information by CoinMarketCap show.

Meanwhile, Wednesday saw 9,845 mentions of Polygon retired of 1,792,394 societal media posts connected Twitter and Reddit. Approximately 8,675 chiseled persons are discussing Polygon, and it is ranked #30 successful presumption of the fig of mentions and enactment wrong collected posts.

Featured representation from Crypto Economy, illustration from TradingView.com