Polygon (MATIC) Price Prediction for 2023

The recent developments surrounding Polygon (Matic) are remarkable. In the first two weeks of 2023, Polygon announced significant partnerships with names like Disney and Reddit. There is also the exciting launch of a web3-focused incubator with fintech giant Mastercard. On top of all that, Polygon has disclosed that it will be going ahead with a plan to hard-fork the network. 

All these developments, combined with the network's impressive analytics insight, unequivocally put Polygon in a position of strength. But what does the future hold for this Ethereum scaling solution? Let's take a closer look.

The MATIC price is currently at USD 0.9671 after reaching a high of USD 1.05. and is up 21.2% in the last seven days. The current Global ranking is #10, with a market cap of USD 8.4B. MATIC price was stuck in a sideways trend between 75 cents and 0.90$ for some weeks before gaining 10% in 24 hours on 14th Jan. 

Polygon (MATIC) Price Predictions for 2023

The current market sentiment favors MATIC, and MATIC is likely to have more gains in the future. According to analysts' predictions for 2023, MATIC could be looking for $1.2 in the short term and $1.8 in the mid-term. In Long-term, the altcoin could be looking at prices as high as $2.5 by the end of the year.

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Polygon has secured many partnerships that have bolstered its popularity and increased its usability. In the newest collaboration, Polygon has announced a partnership with fintech giant Mastercard to launch a web3-focused incubator. Disney and Reddit have also forged collaborations with the platform, while crypto payment firm Stripe has established large crypto payouts using its technology. In 8 months, Institutional deposits worth more than $11 billion were recorded by Polygon, thanks to the platform's Ethereum's PoS and Plasma bridges.

Major Growth in Polygon's NFT Activity 

As per the 34th edition of the PolygonInsights report, overall key metrics show a promising future for the network. With 817,000 weekly active users, NFT volumes grew by 400%, and daily active address metric rose virtually every day. 

NFTs activity on Polygon has seen explosive growth in the past year, with multiple industry giants like Adidas Originals, Prada, and Alan Howard releasing collections and investments. Big-name projects like Yoots and The Sandbox have also transitioned from Solana to Polygon, further solidifying its place in Web3. This shift is further evident from a report by Alchemy, which suggests that Polygon's Web3 hosting capabilities make it the best-positioned protocol to drive the booming economy. Moreover, Citigroup has described Polygon as the AWS of Web3 and estimated that the Metaverse economy will be worth $13 trillion by 2030. 

Whale data from blockchain analytics firm Santiment showed that following the market-wide sell-off triggered by the collapse of Terra, most MATIC supply held by whale addresses was taken off of exchanges. The event marked an outflow of over 240 million MATIC from CEXs. Later in July, observations showed another sharp decline of 120 million MATIC supply held by top exchange addresses, while non-exchange addresses had a whopping 6.6 billion MATIC.

The crypto market seems to be starting the year off on a high, with MATIC prices naturally following suit. With the overall market sentiment rising in the third weeks of 2023 and MATIC being guided by its successful developments, investors and traders are all turning their gaze toward Polygon (MATIC). Polygon (MATIC) has made some exciting developments with recent partnerships and collaborations with Disney, Reddit, and Mastercard. An additional $20 million pledged towards making Polygon carbon-negative further underlines the project's ambitions and prospects. As its technical capabilities continue to improve, its user adoption is likely to keep increasing, making it a significant player in the Web3 scene in 2023.