Polygon (MATIC) was trading near $0.78 on Monday as the Ethereum scaling solution made progress towards its Etrog mainnet upgrade. Despite a 20% increase in trading volume, MATIC remained relatively stable while Bitcoin and US stocks declined.
In anticipation of the Etrog upgrade, Polygon Foundation announced a 10-day countdown last month. The upgrade, which is for Polygon zkEVM, will bring support for pre-compiled smart contracts and transform the zkEVM into a Type 2 ZK-EVM. This means that developers can easily deploy their code on Polygon zkEVM without any modifications.
The mainnet release of the Etrog upgrade is expected on Tuesday, February 6. In preparation for this milestone, MATIC’s price briefly rose to $0.79 before retracing to the support area during today’s market lull. If a breakout occurs in the coming days or weeks, the Polygon token could potentially reach above $1. On the other hand, a breakdown could push MATIC/USD towards the 2023 support base at $0.5.
As Polygon continues to make progress towards its Etrog upgrade, the altcoin’s outlook remains positive. However, it is important to monitor any potential market shifts or developments that could impact its price.
