Polygon (MATIC) Gains Over Recent Partnerships to Drive Up Adoption
Aiswarya Gopan • 2 min read
Polgyon (MATIC) is edging higher in early trading on Thursday, supported by an optimistic mood among crypto investors and interesting fundamental developments. At the time of writing, MATIC/USD is trading at around $1.48.
One of the biggest developments supporting the bullish mood among investors towards the Ethereum Layer-2 scaling solution is the announcement by Ernst & Young (EY) to integrate its flagship blockchain solutions into the Polgyon protocol. The collaboration between one of the big four accounting firms and the blockchain company will aid in the development of more enterprise-ready blockchain solutions, driving up enterprise adoption of blockchain technology.
In addition to the integration, EY will also collaborate with Polygon to create permissioned, private industry chains that can handle transaction verification in a more efficient and cost effective manner. Such industry chains will give enterprises a convenient yet secure way to deploy blockchain-based solutions on Ethereum’s public blockchain.
On the announcement, Polgyon’s CEO Sandeep Nailwal, remarks, “The EY commitment to the public Ethereum ecosystem and to open standards was a big driver in evolving shared approaches. No other organization has made the same scale of commitment to the ecosystem and to open systems, or brings the depth of technology that the EY organization has in this space.”
Polygon Making Waves in PlayFi
Meanwhile, the company continues to increase its focus on the PlayFi space with Polygon Foundation investing in Starchi – a DeFi game from leading launchpad and incubator Starter. Inspired by the original Tamagotchi, Starchi will enjoy the benefits of swift transactions, full-stack scaling tools and low transaction costs on the Polygon ecosystem.
In addition, Polygon has also entered into a strategic partnership with Decentral Games – the first metaverse gaming DAO, to innovate in the play-to-earn space. The partnership will drive up further adoption of Polygon’s blockchain technology by Decentral Games, not only giving them the benefit of higher efficiency and security but also increased interoperability with other Ethereum-based projects for cross-chain asset transfers and higher levels of liquidity.
Key Levels to Watch
On the 4-hour chart of MATIC/USD, moving averages and leading technical indicators MACD and momentum are exhibiting a strong bullish bias. Polygon’s price is sitting comfortably above the pivot point at $1.38.
An uptick in buying pressure can see MATIC headed towards testing the first resistance at $1.65. A break past this opens the door to the key $2 mark but not before buyers face resistance once again at $1.99.