Polygon (MATIC) emerged as the best-performing asset among the top-ranking cryptocurrencies on Nov. 3 as the market’s attention turned to the latest Instagram and JPMorgan announcements.
Polygon in high-profile partnerships
Notably, Meta, the parent company of Instagram, named Polygon as its initial partner for its upcoming nonfungible token (NFT) tools that allow users to mint, showcase and sell their digital collectibles on and off the social media platform.
Meanwhile, banking giant JPMorgan used Polygon to conduct its first live trade (worth about $71,000) on a public blockchain, marking a concrete step toward integrating cryptocurrencies into traditional financial frameworks.
MATIC, a utility and staking token within the Polygon blockchain ecosystem, rose over 13% to $0.985 after the announcements, accompanied by an uptick in daily trading volume.
MATIC’s upside move came as a part of a broader recovery rally across the crypto sector that started in mid-June. MATIC’s price has rebounded by more than 200%, a trend that will likely sustain in the coming months.
MATIC’s price nears cup-and-handle breakout
The first cue for MATIC’s bullish continuation comes from a classic technical setup.
On the…
