Polygon Developers Seek to Address Gas Fee and Verification Time This Month

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The Polygon Blockchain has been experiencing tremendous activity, which has resulted in a sharp rise in gas fees. Furthermore, for the past few days, the verification of transactions has been taking longer than is necessary. This experience gave rise to the notion of launching a hard fork of Polygon. If the community of the Polygon approves, development on this project is scheduled to start on January 17.

For some time now, the community has been bothered by the rise in gas fees and the time it takes to confirm a transaction. In addition to reducing the amount of time needed to validate a transaction, the improvement is also anticipated to address the issue of the increase in gas fees. Given that trading and making payments on the blockchain will now be more affordable because of the reduction in gas fees and verification times, MATIC may end up drawing the attention of more investors.

Key Polygon Levels To Watch – January 12

Amidst the consolidation phase of the market, MATIC/USD looks bullish as it keeps respecting the diagonal support across its low. As shown by the Bollinger Bands (BB), the price has been ranging between the $0.9730 and the $0.7470 price levels. Currently, the market is heading into an overbought region, as indicated by the Relative Strength Index (RSI).
Polygon Developers Seek to Address Gas Fee and Verification Time this MonthBefore the beginning of the consolidation phase, the market experienced a surge in price to the upside throughout July this year. However, the momentum decreased and the price began to consolidate as it hit the $0.9730 resistance. MATIC/USD might keep rallying if it sees enough buying pressure at the Fair Value Gap in the discount. 

Polygon Key Levels

Resistance Levels: $1.7500, $1.3040, $0.9730
Support Levels: $0.7470, $0.5200, $0.3200

Total Market Capitalization: $904.32B
Polygon Market Capitalization: $7.95B
Polygon Volume: $0.52B
Market Rank: #10

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.