Polygon Price Climbs to Record High, Benefiting From Ethereum Congestion

The price of scaling solution Polygon Network's native token, MATIC, rose for a third straight day, reaching a record high above 60 cents.

• Messari data shows the MATIC price 13% higher on the day near $0.62, having crossed above the previous peak price of $0.5415 on Monday.
• The cryptocurrency has chalked up a 35-fold rise on a year-to-date basis, and the Polygon price has gained 50% this week.
• The price rally has pushed MATIC's market capitalization above $3.04 billion.
• Network overload and high transaction costs on Ethereum's blockchain have increased demand for layer 2 scaling projects like Polygon facilitating faster and cheaper transactions using sidechains running alongside Ethereum's main chain.
• Chart analysts foresee a stronger rally in the coming days for the Polygon price as the latest move above $0.60 has confirmed a channel breakout on the daily chart, opening the doors for a continuation of the broader bull run from December lows near $0.0142.

Also read: Polygon Jumps in Crypto Market Rebound, as Ether Congestion Drives Adoption for Rivals