Polygon’s MATIC and Avalanche’s AVAX prove resilient even to the recent bearish market spike.
Price analysis of Polygon (MATIC) and Avalanche (AVAX)
MATIC (Polygon) has touched its all-time high of the past ten months with momentum lasting three weeks, and Avax (Avalanche) has also risen.
The total global market cap of the crypto market is up 5.90% to date despite the turbulence it has gone through.
Polygon (MATIC)
Ethereum-based Layer 2 has sanctioned several partnerships in a wide variety of sectors and pushes hard on technological research.
One of the solutions developed by Polygon’s engineering team is to connect zk Rollups to the EVM.
On Polygon‘s mainnet, zkEVM rollups compatible with EVM (Ethereum Virtual Machine), was released two days ago.
The MATIC/US dollar pair reached its widest difference in a year.
Earnings have not risen in tandem for the token, rather they have fallen slightly due to the RSI near the ceiling.
As of today, MATIC’s price is around $1.37.
Avalanche (AVAX)
In the past year, Avalanche’s volumes have exploded with 1,500% transaction growth.
In Q4, Nansen, a market analysis firm found increased strength in both NFT trading volume and total transacted volume.
The market analysis firm reported:
“While the network ended November 21, 2021, with nearly 27 million transactions, Avalanche’s cumulative total surpassed 450 million transactions as of November 21, 2022, marking a staggering 1,507% increase in just one year.”
The 1,500% increase we have written about occurred despite the various disasters that hit the crypto world in 2022.
Nansen analyst Mega Septiandara, spoke in these terms:
“Avalanche users may find themselves asking, ‘What crypto winter?’ as the network posted impressive gains in Q4 2022. With strong transaction totals and NFT trading volumes pairing well with new features and products aimed at improve user experience, Avalanche is poised for continued growth in 2023 as the entire Web3 space works to recover from the chaos caused by the FTX crash.”
In the meantime, Avalanche (AVAX) is showing no signs of ending its bullish run established Thursday.
From a low of $18.39, the token touched an intraday high of $20.31 this morning.
The price of AVAX is attempting to retake the $21 support but we are still far from its intended target.
The token’s jump up coincided with the break of resistance at 55.00 on the RSI but at the moment the strength is not sufficient to continue the action taken.
If the situation does not improve it is even possible that AVAX will see its value return to $18.00 by retracing on the wave of pessimism.
At the moment, investors do not tend to get discouraged and what is happening now could be an exploratory phase since everyone’s interest is earnings and the majority of investors are positioned to the upside.
