- Polygon Labs has teased the announcement of a new banking partnership.
- The teaser has sparked excitement around potential MATIC price impacts.
- The sentiments follow hopes of a more robust price performance in 2024, following a lackluster showing in 2023.
While MATIC, the native token of the Polygon network, has underperformed its peers in the past year, Polygon ecosystem development and partnerships have not slowed down. Significant developments have included the launch of the Polygon zkEVM, the Chain Development Kit (CDK) release, and partnerships from firms like OKX and Flipkart.
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Amid the growing fundamentals, proponents are betting on an explosive MATIC resurgence. Stoking these sentiments, Polygon Labs has teased another significant development, hinting at greater institutional adoption.
Big Banks Coming to Polygon (MATIC)?
In an X post on Wednesday, January 3, Butler hinted that Polygon Labs would announce a significant banking partnership on January 10, whipping up excitement within the Polygon community.
While Polygon Labs has yet to reveal details of this partnership, it has stoked high hopes of a positive impact on MATIC’s price amid the doldrums of 2023. “My $MATIC long position is ready,” one user wrote.
Is Polygon (MATIC) Due for an Explosive Rally?
Despite positive technological and business developments in 2023, MATIC only recorded an estimated 30% gain within the calendar year. On average, competing altcoins more than doubled in price as the crypto markets staged a comeback. But the asset’s slow roll may be at an end, at least according to prominent analysts.
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As reported by DailyCoin on January 1, analysts like “Altcoin Sherpa” and Ali Martinez have tipped MATIC to put on a solid showing in 2024. The latter has tipped the asset to jump as high as the $1.8 price point. The analyst based this view on the asset’s break of a months-long symmetrical triangle chart pattern, setting an immediate target of $1.25.
However, the asset trades around the $0.86 price level at the time of writing, representing a 12% decline in the past 24 hours, according to data from CoinMarketCap. The steep decline comes as fears that the SEC would reject spot Bitcoin ETF applications sent panic across the crypto markets.
On the Flipside
- MATIC could face a price decline if the announcement turns out to be underwhelming.
- Polygon witnessed significant institutional adoption in 2023, with firms like Franklin Templeton and Mirae Asset Securities jumping in. However, neither announcement triggered a price reaction from MATIC.
Why This Matters
The reaction to the Polygon teaser highlights the desire of MATIC holders for higher prices as other crypto assets post staggering gains.
Read this for more on Polygon (MATIC) price expectations:
Analysts Eye Polygon (MATIC) Price Explosion Post-2023 Lag
Polygon Labs asserts that it has already beaten Sei in the EVM parallelization race:
Polygon Clashes Sei’s Hyped EVM Parallelization Claims
