Polygon and NEAR to Reach $10 Bn Market Cap in First Half of 2024

Last Updated on May 25, 2024 by SPN Editor

As we approach the mid-point of 2024, the cryptocurrency market is showing signs of entering a significant bull cycle. This positive trend is particularly advantageous for a number of cryptocurrencies that are on the verge of reaching the critical market cap milestone of $10 billion.

Financial analysts at Signpost Money have pinpointed two cryptocurrencies that are likely to cross this threshold. These projections are based not only on the continuation of the bull cycle but also on the potential advantages of high supply inflation, which could result in an increased market cap even with minimal price fluctuations.

Polygon (MATIC)

Polygon, known for its user-friendly Ethereum scaling solutions, is currently facing a period of consolidation, as indicated by most short-term forecasts. With a current price of $0.7174 and a market cap of $7.10 billion, Polygon has experienced a slight 3% growth over the past week.

Trading near a resistance level of $0.72 and maintaining support at $0.60, a breakthrough could propel Polygon towards $0.84. Its popular Layer 2 scaling solution and increasing institutional interest are key factors driving its growth. Despite a market slump following a strong first quarter, Polygon is set for a rebound, with a goal to regain the $1 mark.

To achieve a $10 billion market cap, Polygon needs to maintain its growth trajectory, fueled by technological progress and strategic alliances. Its solid foundation and market appeal place it well to reach this goal.

NEAR Protocol (NEAR)

NEAR Protocol, a leading blockchain for mainstream applications processing millions of transactions daily, is set for substantial growth. Priced at $7.81 with a market cap of $8.42 billion, NEAR’s commitment to democratizing AI ownership and improving scalability, including sharding, bolsters its market position.

NEAR’s trading activity has skyrocketed in recent months, with a surge in demand in the open interest market indicating potential price increases. Despite market downturns, NEAR has demonstrated resilience, rising 13% over the last month and 113% year-to-date, in line with broader AI token trends.

Technical indicators are bullish for NEAR, which is trading well above its 200-day simple moving average (SMA), currently oscillating between $6.71 and $8.68. The next resistance level is at $9.59, and surpassing this could aim for $11.56.

NEAR’s developer-friendly, scalable environment for decentralized applications, coupled with its focus on AI and big data, positions it as a strong contender for growth.

The first half of 2024 is shaping up to be a pivotal period for both NEAR Protocol and Polygon as they inch closer to the $10 billion market cap milestone. It’s important to note that while these cryptocurrencies are backed by several fundamentals, their ability to reach the $10 billion mark will largely hinge on the market maintaining its bullish momentum.

Impact on Price After Crossing $10 Billion Market Cap

Based on technical analysis, the future projections for Polygon (MATIC) and NEAR Protocol are as follows:

For Polygon (MATIC), it is anticipated that by the end of 2024, the price will range around $0.8750 as the minimum and $1.05 as the maximum. The average trading price is expected to be approximately $0.9029. Looking further ahead, by 2025, the price of Polygon is estimated to rise to $2.35, and by 2030, it is predicted to hit $2.

As for the NEAR Protocol, the minimum cost is projected to be $10.07 by the end of 2024, with the maximum price reaching up to $10. The average trading price is expected to hover around $10.14. By 2030, NEAR Protocol is estimated to be traded between $61.10 and $74.18. These projections provide a glimpse into the potential future of these cryptocurrencies, although it’s important to note that cryptocurrency markets can be highly volatile and unpredictable.

Disclaimer: This news feature is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a qualified financial professional before making investment decisions.