What is happening and what are the latest performances of Polygon (MATIC), Cardano (ADA) and Celestia (TIA) crypto assets? Let’s see below all the details about them and some insights into their prices.
Polygon (MATIC): price increase reflects leadership in blockchain games
Recently, the price of the Layer-2 Polygon (MATIC) protocol has been on the rise, driven by a report that pointed to it as the main driver of growth in the blockchain games industry.
Specifically, the dominant position has greatly increased the attractiveness for investment in the prestigious crypto.
We see that Polygon registered a 10% increase to $0.97. This rally was triggered by Game7 DAO‘s research, which designated Polygon as the leading edge in Web3 games.
Indeed, although most play-to-earn titles are built on Layer-1 chains such as Ethereum, Polygon has revolutionized the landscape by hosting new blockchain games and outperforming rivals such as Binance Smart Chain and Ethereum in game development.
Competition among Layer-2 solutions is growing steadily, and Polygon’s dominance in the games industry gives it a significant advantage for adoption and increased demand.
Not surprisingly, Polygon’s persistent leadership in blockchain game development could amplify bullish expectations for the MATIC token.
Polygon is also preparing for the next upgrade to POL, an event that could further boost price performance. Meanwhile, the integration between Polygon and Immutable is expected to expand, capitalizing on each other’s complementary strengths in the gaming industry.
Finally, we see that its superior performance is fueled by growing institutional investment, signaling the increasing legitimacy of cryptocurrencies and Web3. Hence, Polygon’s rally reflects its solid position to capitalize on the growing interest in blockchain evolution.
Cardano (ADA): adoption growth and price consolidation challenges
At present, Cardano’s price is in a consolidation phase after failing to break through $40 resistance last week.
Despite the ongoing correction, the Cardano ecosystem continues to see a significant influx of new users, as evidenced by IntoTheBlock, which highlights a continued high adoption rate over the past week.
Specifically, the monthly peak adoption rate of new ADA users, recorded on 9 November at 32.3%, has remained consistently above 30% in the five days since.
This result, which has occurred only eight times in the past three months, indicates a robust influx of new participants during the price correction phase.
Recall that the adoption rate metric assesses the%age of addresses in the blockchain network that make their first-ever transaction on a given day.
This offers an indication of the speed with which new users join the Cardano network, suggesting that newcomer transactions have played a key role in sustaining the ADA price around the $35 support level over the past week.
Moreover, using Global In/Out of the Money (GIOM) data, which categorize current ADA holders by their entry prices, a positive picture emerges.
In fact, bullish holders have established a solid wall of support around the $0.35 area, with 203,400 holders buying 1.79 billion ADA at an average price of $12.24.
However, if the bears manage to break through this wall of buying, the price of ADA could head toward $0.30.
In conclusion, the situation remains dynamic, and it will be interesting to see how investors respond to this consolidation phase and the growing adoption outlook.
Focus on the price of Celestia (TIA): comparison with crypto assets Polygon and Cardano
Recently, the value of Celestia has shown remarkable momentum, registering an increase of about 200% since its introduction.
In particular, the price of TIA has experienced a significant upward trend following the announcement of its departure from the traditional monolithic blockchain model.
In addition, Celestia has seen a significant flow of transactions, reaching a value of $852,850,435 in the past 24 hours, with a circulation of 141,043,528 units resulting in a valuation of more than $835 million in the crypto market.
After several unsuccessful attempts, Celestia’s price finally managed to break through its main resistance, generating new momentum that allowed it to break through several price barriers.
However, the price of TIA found resistance at $5.5314, subsequently suffering a 15% correction.
We see that the Celestia token has faced resistance at $6.4525, and the price has stabilized near this level, with predictions of a possible attempt to break through it in the near future, although the outcome remains uncertain.
Hence, should the bullishists maintain their strength and push the price above the $6.4525 resistance level, this could lead to a strengthening of the price of TIA, with the prospect of testing the upper resistance level at $7.00 within the current month.
On the other hand, should the bears prevail, the currency could lose momentum, with a likely test of the support level at $5.5314.
Not only that, but should bear dominance persist, we could see further declines, with a test of the lower support level at $5.0898 in the coming days.