Created to solve the scaling problems in Ethereum, the Ethereum-based platform Polygon caught the eye with its rise in 2021.
The Polygon platform, formerly known as MATIC, was launched in October 2017 and enjoyed its golden age in 2021.
Because we see that Matic, which was traded at $ 0.018 on January 1, 2021, is currently approaching the $ 3 limit. This means that it has experienced an increase of 15230% in 1 year.
Technically speaking, MATIC, which closed for 4 days above the peak closing on May 18, seems to want to continue on its way.
Despite the withdrawal in Bitcoin today, the technical view in MATIC, which is traded at a premium of 7%, is as follows;
As can be seen, the upward breakout and retest of a large ascending triangle has been accomplished successfully. At this point, we can expect more bullishness to come as the height of the giant triangle. However, it should not be forgotten that this is a medium-term goal.
As long as the $2.44 level is maintained, our ascending triangle pattern target will be $4.26.
The green shaded area on the chart should be stopped at the close of 4 hours. Because at this point, we can see that the price is withdrawn to the $1.90 levels to gather strength again. As long as we stay on the green area, the formation target can be expected.
Who is the Founder of Polygon?
Polygon (formerly Matic Network) was available as of October 2017. Polygon was co-founded by two veteran blockchain developers, Jaynti Kanani and Sandeep Nailwal, as well as professional advisor Anurag Arjun.
Prior to moving to their own networks in 2019, the Polygon team contributed significantly to the Ethereum ecosystem. Team; Worked on integrating the WalletConnect protocol and the Dagger event notification engine, which is widely used in the Ethereum network, into Plasma MVP.
Meanwhile, the team included Polygon co-founder Jaynti Kanani. A multi-talented developer and blockchain engineer, Jaynti currently serves as the CEO of Polygon.
Jaynti played a critical role in the implementation of Web3, Plasma and WalletConnect protocols on Ethereum. Prior to entering the blockchain space, Jaynti worked as a data scientist at Housing.com.
Sandeep Nailwal, co-founder and chief operating officer of Polygon, is a blockchain programmer and entrepreneur. Before starting Polygon (formerly Matic), Sandeep was CEO of Scopeweaver and chief technical officer of the Welspun Group.
Anurag Arjun, on the other hand, is the only non-programming co-founder of Polygon. He has worked as a product manager at IRIS Business, SNL Financial, Dexter Consultancy and Cognizant Technologies.