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Could Polygon (MATIC) Emerge as a Dark Horse in 2024?

2 mins
Updated by Kyle Baird
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In Brief

  • Focus has intensified on Polygon (MATIC), raising questions about its potential as the dark horse for 2024.
  • Polygon's proof-of-stake recently outperformed Ethereum in trading volume for two consecutive days.
  • Prominent crypto influencer Lark Davis highlights Polygon POS surpassing Solana in daily active addresses.
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With bullish sentiments looming over the crypto industry’s imminent bull market, Polygon and its native MATIC asset are generating significant buzz. Could it be the dark horse of 2024?

For the second day in a row, Polygon proof-of-stake (POS) has had a higher trading volume than Ethereum.

Could Polygon be the Dark Horse in the Next Bull Market?

In a post on X (formerly Twitter), co-founder of Polygon Sandeep Nailwal declared that Polygon POS reached a higher trading volume than Ethereum by approximately $93,000.

At the time of publication, Polygon (MATIC) price stands at $0.82.

Polygon (MATIC) Price Chart 1 Month. Source: BeInCrypto
Polygon (MATIC) Price Chart 1 Month. Source: BeInCrypto

This follows news that Fox Corporation has partnered with Polygon to verify the accuracy of news content.

According to a statement from Polygon, the program is called Verify. Publishers can register their content in order to “prove origination.”

The data will be stored on the Polygon blockchain. This will allow customers to decipher accurate and legitimate sources using the tool.

Meanwhile, prominent crypto influencer Lark Davis pointed out to his 1.1 million followers that “Polygon POS has surpassed Solana in terms of daily active addresses.”

Daily Active Addresses, Solana and Polygon POS. Source: Lark Davis' X Account
Daily Active Addresses, Solana and Polygon POS. Source: Lark Davis’ X Account

Read more: Polygon vs. Loopring: Ethereum Layer-2 Solutions Compared

Polygon’s Price Coverage in Recent Times

BeInCrypto has been reporting on MATIC’s price movements regularly in recent times.

On January 9, it was reported that Polygon’s MATIC price bounced after the team announced a new upgrade on transaction fee calculations.

Despite the bounce, MATIC still trades inside a bearish pattern. This has gone on for nearly 60 days.

Furthermore, it was reported that the MATIC price experienced a decline below a long-term descending resistance trend line since December 2021, when it was trading at its all-time high of $2.90.

This rapid descent led to a low of $0.32 in June.

Read more: How To Use the Polygon Bridge: A Step-by-Step Guide

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.