Polygon (MATIC) Rallies to New Highs After Uniswap Integration Announcement – FX Leaders
Polygon (MATIC) is celebrating the addition of Uniswap to its ecosystem, with the news driving a strong bullish momentum that has helped it climb to record highs after trading on a strong footing for several sessions of late. At the time of writing, MATIC/USD is trading at around $2.61.
Polygon’s Ecosystem Welcomes Uniswap
The proposal to welcome the largest DEX in the crypto market was suggested by Polygon’s team of developers, welcoming Uniswap with the promise of high liquidity and several other enticing offers. The layer 2 scaling solution suggested the move as a way for the DEX to offset the network congestion and high gas fees on Ethereum, which were hindering the use of Uniswap by retail traders who found the fees prohibitive.
The proposal received a resounding support from the Uniswap community which voted to deploy Uniswap V3 on Polygon’s network. The deployment went live in the previous session, giving Ethereum’s flagship DEX the ability to once again make DeFi accessible to all, bringing in higher efficiencies and lower transaction costs.
So far this year, Uniswap V2 and V3 have handled over $600 billion in trading volumes, making it the largest player in this space. The news brought significant cheer to investors in Polygon and drove quite the surge in the value of its native token, MATIC. MATIC has been one of the few cryptocurrencies raking in gains even as moves in the wider market remained sluggish in recent weeks.
And There’s More Good News in Store For MATIC
In addition to Uniswap’s deployment, MATIC is also enjoying support from another significant development. Popular web browser Opera has announced a partnership with Polygon which will see its dAps integrate with the browser. The move will allow Opera users in-browser access to over 3,000 dApps from the scaling solution’s ecosystem, letting them enjoy the benefits of Ethereum without worrying about the high gas fees and transaction times.
MATIC/USD Technical Analysis
On the 4-hour chart of MATIC/USD, moving averages as well as the MACD are flashing atrong buy signals. However, the momentum indicator suggests the presence of sellers in the market.
Polygon’s price has shot past the pivot point at $2.08 and overcome the first resistance level at $2.43. It looks like buyers are gearing up with some consolidation just under the next resistance at $2.64 for now.