Accumulation at Crucial Support Hints MATIC Price Rally to $0.75, But There's a Catch

On June 10th, the MATIC price witnessed an intense sell-off and printed a long-red candle in the daily time frame chart. With this sell-off, the coin price breached yearly support of $0.687 and reached a low of $0.518.

Timeline of Polygon

Ethereum Layer-2 scaling solution Polygon (MATIC) has unveiled its Version 2.0, the blueprint for which will be revealed over the next few weeks. The layer-2 scaling solution is calling its latest iteration the “value layer of the internet.

Polygon Labs, a prominent player in the blockchain industry, has set the stage for excitement and anticipation with its recent announcement of a major ecosystem update, Polygon 2.0. The primary objective of this update, according to the company's statement, is to construct the value layer of the internet, an ambitious mission that has piqued the curiosity of crypto enthusiasts and industry insiders alike.

Yesterday, the Polygon crypto project announced a new version of its protocol, which will be introduced in the near future and is expected to completely change the understanding of how value is exchanged on the Internet.

Ethereum layer-2 solution provider Polygon has unveiled its vision for version two, a ‘Value Layer' of the internet. The ongoing protocol changes come at a tough time for Polygon, which has just seen its native token flagged as a security by the U.S. SEC.

Ethereum's Layer-2 scalability platform Polygon recently faced major headwinds as the SEC named its native cryptocurrency MATIC, a security. But looking past that, the Polygon team has recently unveiled Polygon 2.0 to build the Value Layer of the Internet.

Polygon's zkEVM Beta achieves 100K unique wallets, reflecting growing popularity and adoption. The exponential increase in unique wallets showcases Polygon's ability to attract diverse users.

The Total Value Locked (TVL) and transaction volume on Polygon's zkEVM platform has increased significantly, demonstrating extraordinary growth. This increase lays the door for decreased costs and increased use of DeFi technologies.

Polygon Labs, the developer of leading Ethereum Layer 2 scaling solution Polygon, has announced the rollout of Polygon 2.0, a significant upgrade designed to establish the network as the “value layer of the internet.” “Value Layer” Polygon 2.0 substantially builds upon the L2 chain's existing network.

Polygon, the platform builder for Ethereum scaling, recently unveiled their upcoming project known as Polygon 2.0. Polygon Labs and its ecosystem partners have been hinting at this development on Twitter for several days, often emphasizing the number 2.

The recent altcoin crash fueled the ongoing downtrend in MATIC price and plunged to yearly support of $0.518. From the peak of $0.95, this downfall tumbled the price by nearly 45% within a week.