Polygon’s [MATIC] price is rapidly surging by 14.04% in a span of 24 hours at the time of writing. The Ethereum based scalability solution has seen an upside rally amidst a global price correction in the market. Market speculators are of the opinion that an unanticipated Binance listing spree might have initiated a rally in the altcoin market.
As a matter of fact, Binance listed PlayDapp [PLA], a crypto gaming platform that is built on and utilizes both the Ethereum [ETH] and Polygon networks to host a growing array of cross-platform interoperable games, and this might have caused the recent uptick in the MATIC’s price.
As per the project website, PlayDapp aims to provide digital assets accessible to general users.
“PlayDapp wants to [turn] non-crypto game users into blockchain game users through the PlayDapp service platform. To do so, PlayDapp provides [Polygon] solutions to play games without cryptocurrency.
Last week, prominent cryptocurrency exchange platform Crypto.com announced the completion of its integration with the layer two network, Polygon. This in return, facilitated users the option to carry out Ethereum deposits and withdrawals through the network. In this context, Polygon has proven to be highly successful, with the protocol supporting over 3,000 dApps and a whopping $4.73 billion in total value locked [TVL]. All these positive developments have acted as a catalyst in the MATIC price movement.
Polygon [MATIC] price technicals
At the time of writing, MATIC was trading at $1.77. The asset’s market cap was found to be at $12.39 billion while its 24-hour trading volume stood at $1.43 billion.
As indicated from the above 1-day chart, the Relative Strength Index [RSI] has managed to hold above the 50-median line, depicting the domination of the buyers. The Chaikin Money Flow [CMF] hovering below the zero line is indicating the capital outflow is increasing but that might change in the near term. On the other hand, the Awesome Oscillator’s [AO] is leaning towards the bull.