- MATIC is gearing up for an audit-upgraded testnet for Polygon’s zkEVM this week, with support for Etherscan.
- Polygon network survived crypto winter through a series of partnerships with Mastercard, Starbucks, Meta, Disney and the NFL.
- MATIC price is on track to recover from its recent drop and make a comeback in its short-term uptrend.
MATIC, the native token of the Ethereum scaling solution Polygon, is on track to recoup its recent losses. Polygon network entered a series of partnerships with name brands like Mastercard and Starbucks, helping MATIC gain popularity as the token of the largest Ethereum sidechain.
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Polygon emerges as top ETH sidechain, preparing for zkEVM launch
Polygon, a leading Ethereum scaling solution, is working on its launch of zkEVM (zero-knowledge Ethereum Virtual Machine). MATIC network’s developers shared an update on the progress of Polygon’s zkEVM and announced a testnet that will be rolled out in the coming week.
After deploying its audit-upgraded testnet, Polygon’s zkEVM will support Etherscan. The block explorer is the gold standard for searching and browsing verified ETH blocks and transactions.
Polygon has lined up a major upgrade in the integration of FFLONK, a significant improvement in verifier performance. These two key features will be rolled out with the audit-upgraded testnet, and the zkEVM will boost the speed, lowering the cost of transactions on MATIC. These launches and developmental updates have helped Polygon emerge as one of the leading sidechains of the Ethereum network.
MATIC’s partnerships helped the scaling solution survive the crypto winter
Polygon entered a series of collaborations with brands like Mastercard, the giant using the MATIC network to help music artists mint their own NFTs, and Starbucks, running a rewards program on the platform.
Polygon’s partnership deals with Meta, Disney and the NFL have added to the adoption and utility of the layer-2 scaling solution. Since the Ethereum network does not work well when the demand is high, it requires scaling solutions for processing transactions.
MATIC price gears up for recouping recent losses
MATIC price is currently in a short-term uptrend that started in the first week of January 2023. The Ethereum scaling solution’s token touched the ascending trendline and bounced higher on the 4H price chart.
The support zone between $1.0811 and $1.3457 is critical to MATIC’s recovery. Once the price breaks out of the support zone, it will climb towards the 50% Fibonacci Retracement level at $1.6195.
MATIC/USDT 4H price chart
The Relative Strength Index (RSI), a momentum oscillator, bounced from the oversold region to 37.42, signaling higher underlying strength in the recent uptrend. A decline below the ascending trendline could invalidate the bullish thesis for MATIC price.
