MATIC, the native token of Polygon, is the highest performing cryptocurrency in CoinMarketCap’s top 50 list by market capitalization over the past 24 hours, with gains of about 20%.
MATIC reached its highest level since early June, in the mid-$6.0 range, a day after Polygon was selected for Walt Disney’s benchmark business growth program.
According to a Disney release, Polygon is one of the six organizations that will participate in the company’s 2022 Accelerator Program, a business and development initiative created to promote the expansion of creative businesses globally.
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Polygon (MATIC) Rises 20% In Last 7 Days
As of this writing, MATIC is trading at $0.656, up 20.3% in the last seven days, data by Coingecko show, Thursday, its highest level in a month. In doing so, the token also surpassed its 50-day exponential moving average (EMA), the sloping red resistance mark that had constrained MATIC’s gains since January of this year.
This week marks the launch of the Disney Accelerator program, which aims to explore new technologies inside augmented reality (AR), non-fungible tokens, and artificial intelligence (AI).
Image: The Daily Hodl
The recent rebound in MATIC is also significant from a technical perspective and may portend a near-term turnaround in the cryptocurrency’s fate. According to pundits, the new surge in the token’s price paves the way for additional gains towards $7.50.
MATIC Faring Better Than BTC & ETH
Polygon was once known as Matic Network. MATIC is an Ethereum token that enables the Polygon Network, an Ethereum scaling solution. Using Layer 2 sidechains, which are blockchains that operate parallel to the Ethereum main chain, Polygon intends to make Ethereum transactions faster and more affordable.
MATIC’s upward movement was synchronized with intraday recovery moves observed elsewhere in the cryptocurrency market. Polygon performed better than the majority of its heavyweight competitors, including Bitcoin (BTC) and Ether (ETH). Walt Disney may be the driving force behind MATIC’s improved performance.
MATIC total market cap at $5 billion on the daily chart | Source: TradingView.com
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A snapshot of the cryptocurrency market reveals that the two largest cryptocurrencies by market capitalization, BTC and ETH, have both witnessed price declines during the past 24 hours. The price of Bitcoin was down by 3.71 percent, while the price of Ethereum fell by more than 6 percent, data by CoinMarketCap show.
Meanwhile, Wednesday saw 9,845 mentions of Polygon out of 1,792,394 social media posts on Twitter and Reddit. Approximately 8,675 distinct persons are discussing Polygon, and it is ranked #30 in terms of the number of mentions and activity within collected posts.
Featured image from Crypto Economy, chart from TradingView.com