Polygon’s token MATIC is currently facing a potential decline that could see its price fall to $0.68. However, recent developments such as the integration with Celestia Org are highlighting a transformation in the Polygon ecosystem, and it is suggested that these two developments could indicate a parabolic rally for the cryptocurrency.
According to a report by Artemis corporate analytics platform, Polygon’s Proof-of-Stake chain is processing more than 10 million transactions daily, indicating a bullish adoption for MATIC. The high transaction volume strengthens Polygon’s position in the scaling solutions space.
Polygon’s co-founder Mihailo Bjelic announced their integrations with Celestia, a modular data network, via a post on X. This integration will provide developers in the Polygon ecosystem with modular development capabilities.
This move is expected to significantly reduce the barriers to launching high-efficiency Layer-2 chains on Ethereum and could lower transaction costs by 100 times. The integration paves the way for developers to launch ZK-focused Layer-2 projects using Polygon’s Chain Development Kit (CDK) at the beginning of 2024.
Nevertheless, MATIC is currently facing a short-term price drop. The token, trading at $0.8454 on Binance, has experienced a drop of approximately 5% in the last 24 hours. Expectations of further decline for MATIC dominate. However, market analysts foresee a recovery scenario with the target set at the November 14 peak of $0.9842.