- Polygon (MATIC) traded near $0.78 on Monday as the Ethereum scaling solution moved closer to its Etrog upgrade.
- MATIC could breakout to above $1 if bulls hold key level, or likely retest the important support zone at $0.5.
Polygon (MATIC) price was trading near $0.78 on Monday as the Ethereum scaling solution moved closer to its Etrog mainnet upgrade.
The altcoin, which rose to above $0.79 amid a 20% spike in trading volume, was among the few cryptocurrencies in the top 20 by market cap to hover flat as Bitcoin retreated below $43k to mirror US stock declines.
MATIC outlook as Polygon eyes Etrog upgrade
Last month, Polygon Foundation announced a 10-day countdown to the activation of the Etrog upgrade on mainnet.
As noted in a blog post, the upgrade is for Polygon zkEVM and is set to bring support for pre-compiled smart contracts. The release is expected to transform the zkEVM closer to a Type 2 ZK-EVM, – that is, an EVM-equivalent ZK rollup.
With the upgrade, developers can deploy their code on Polygon zkEVM just as they would on Ethereum. According to the Polygon Foundation, devs only need to “copy-paste and go, no modifications necessary.”
The next upgrade for Polygon zkEVM will, effectively, make the network a Type 2 ZK-EVM. What does that mean for developers? It means that you can deploy your code on Polygon zkEVM exactly as it is on Ethereum—just copy-paste and go, no modifications necessary.
The 10-day… pic.twitter.com/GThNxj7V6F
— Polygon Foundation (@0xPolygonFdn) January 27, 2024
The 10-day countdown for the upgrade means the expected mainnet release is on Tuesday, February 6.
Ahead of this milestone, MATIC price rose from an intraday low of $0.76 to $0.79 before retesting the support area amid today’s broader crypto lull.
If a breakout materializes in coming days and weeks, the Polygon token could target an extended run above the psychological $1 level. A breakdown however could push MATIC/USD to the 2023 support base around $0.5.