MATIC Price Soars As Robinhood Integrates Cross-Chain Swaps on Polygon

Robinhood Wallet, a leader in multi-blockchain trading, now supports cross-chain swaps on the Polygon (MATIC) network, boosting its capabilities amidst a challenging market. 

As of April 27, 2024, the integration with 0x Project and LI.FI protocols have enabled this function, unlocking potential for the platform’s 23 million users. Despite a weak performance in early Q2, Polygon (MATIC) has seen key advancements, including a rise in on-chain activities and broader integration within the crypto ecosystem.

Robinhood Wallet has enabled crosschain swaps on Polygon PoS for tokens supported by @0xProject and @lifiprotocol.

👉🏼 enabling onchain access to over 23 million users on @RobinhoodApp pic.twitter.com/JbUGxUdiVT

— Polygon | Aggregated (@0xPolygon) April 26, 2024

This new feature on Robinhood Wallet allows users to seamlessly exchange any supported tokens across different blockchains, enhancing the utility and accessibility of the MATIC blockchain.

Polygon Dominates NFT Transactions, Exceeds in Stablecoin Growth

The announcement marks another milestone for Polygon in the second quarter of 2024. Over the past month, Polygon has emerged as the leading Ethereum Virtual Machine-compatible blockchain for NFT transactions and has seen huge growth in stablecoin usage. According to recent reports, Polygon now boasts 1.9 million on-chain stablecoin users, surpassing its competitors Ethereum and Arbitrum, which each have 1.4 million users.

.@0xPolygon is the leading EVM chain by number of NFT transactions.

Transactions counted here are those that involve NFT transfers only, where they counted the number of distinct hashes in the ERC721 and ERC1155 tables.

This highlights that @0xPolygon's NFT ecosystem is the… pic.twitter.com/4Jvkd15hJv

— Polygon Stats (@polygonstats) April 25, 2024

Polygon’s growing relevance is also highlighted by its increasing popularity among stablecoin users and NFT transactions, positioning it as a primary blockchain choice in the current digital asset landscape. This trend is further supported by Robinhood Wallet’s focus on expanding crypto trading, evidenced by its inclusion of all spot Bitcoin ETFs and extending services to European markets as of December 2023.

MATIC Price Action

Over the past 30 days, Polygon’s MATIC token has been experiencing a bearish trend, with its prices consistently declining to lower levels. This downward movement has been reflected in the weekly charts as well. Despite this, a noticeable shift in momentum occurred following Robinhood’s recent announcement that it now supports cross-chain swaps on the Polygon (MATIC) network—an update that could enhance the token’s capabilities.

MATIC/USD 24-Hour Chart (Source: CoinStats)

As of press time, the MATIC token is trading at $0.7141, marking a modest increase of 1.03% over the last 24 hours. This recent uptick accompanies an increase in its intraday trading volume by 1.45%, reaching $7,141,569,554. However, despite this rise in trading volume, there has been a 10.95% decrease in the last day’s trading volume, totaling $231,955,086. This suggests a recent dip in trading activity among investors and traders in the MATIC network. Presently, MATIC stands as the 18th largest cryptocurrency in terms of market cap.

Bullish Break or Bearish Pullback?

On a technical note, the MATIC/USD pair on the 1-day chart is testing the 38.20% Fibonacci retracement level, a crucial point for the pair’s near-term trajectory. If this level is surpassed, MATIC could approach and possibly breach the 50% Fibonacci level. This level is currently acting as minor resistance. Breaking through this resistance could trigger a bullish trend for the MATIC token, aiming for higher resistance levels.

MATIC/USD 1-Day Chart (Source: Tradingview)

Conversely, if the MATIC token fails to surpass the 38.2% Fibonacci level and instead drops below this threshold, it could test the lower trendline. A breach below this trendline might push the token towards the 23.6% Fibonacci level, which is acting as a lower support. A further decline through this support could lead to a pull towards more critical support levels, setting the stage for potential targets set by bearish traders.