How High Can Polygon (POL) Go?

With the many cryptocurrencies available to buy, sell, and trade, their potential success is one of the many things investors look at. One way to gauge the success of a particular cryptocurrency is to look at its price. Due to the high volatility of the crypto market, sharp price fluctuations occur often, which can cause investors to lose money. Given this fact, it can be difficult to predict how high the price of a cryptocurrency like Polygon (POL) can go.

If you’re thinking about investing in the coin, it’s important to look at its current price and its potential to increase over a few years. This article will address that potential and give you key insights to help you determine whether or not you should invest in Polygon.

What is Polygon (POL)?

Polygon is a cryptocurrency and blockchain scaling platform. It helps to complement the Ethereum blockchain by enabling faster transactions and lower fees.

This means that Polygon is compatible with and complements the Ethereum blockchain, with the aim to improve Ethereum as a blockchain development network.

It does this by giving developers the ability to build scalable user-friendly dApps with low transaction fees, all without sacrificing security. One major flaw of the Ethereum blockchain is that it can perform a limited number of transactions per second.

This amounts to about 14 transactions per second. Each transaction comes with gas fees on Ethereum. If more and more users are on the blockchain, these fees can go higher and higher.

This makes it even more expensive for people who use decentralized finance (DeFi) apps and protocols, trade or purchase non fungible tokens (NFTs) and swap, buy, or transfer tokens on Ethereum. Network congestion also makes the Ethereum network run slower, which discourages users from creating smart contracts.

Polygon can reduce gas costs on the Ethereum blockchain by processing transactions on side chains. At its best, Polygon can process 65,000 transactions per second.

POL is Polygon’s native cryptocurrency, which is used for fees, staking, and more. POL is also responsible for governing and securing the Polygon network. It’s an ERC-20 token, making it compatible with other Ethereum-based digital currencies.

What Influences POL Price?

Like with many other cryptocurrencies, there are many factors that can influence the price of POL in the market.

Here are some of those factors explained below.

Important News

News is a major factor that can influence the price of cryptocurrencies like POL. Certain developments can make crypto investors skeptical about investing in certain cryptocurrencies. For example, if a blockchain network and native coin face regulation issues, many investors will lose trust in that particular coin and won’t purchase it.

On the other hand, if there’s some positive news about a cryptocurrency, a lot of people will invest their money in it, which in turn, increases the value of the coin. For example, POL recently announced the largest stablecoin by market capitalization, Tether (USDT).

Development

Developments, changes, and innovation can also influence the price of POL and other cryptocurrencies. For example, in 2023, POL went carbon negative after revealing its “Green Manifesto”. The goal was to tackle climate change. This was done in response to criticism that the crypto industry consumes large amounts of electricity. This recent development has built a case for a bullish Polygon POL price prediction.

Polygon (POL) Staking

Staking is another factor that can raise the price of cryptocurrency. That’s because it’s affected by the market forces of supply and demand. If more people stake, there will be fewer coins in circulation in the crypto market. This will drive up the price of the coin, since supply is low. So, the more people stake, the better the coin performs.

However, if fewer people stake their coins, crypto assets that rely on the proof of stake model will see a drop in their value, which means lower prices in the market.

Crypto Cycle

The crypto cycle refers to the rise and fall of prices in the crypto market. Often, cryptocurrency is volatile, meaning that prices rise and fall sharply. So, volatility refers to rapid price changes in a short period of time. There are different factors that affect the crypto cycle, such as how many coins are in circulation and how much people are willing to pay. Many crypto assets are limited to a certain number of coins as a result of burning mechanisms and other measures to make assets scarce. For example, for Bitcoin, the supply is limited to 21 million coins. The closer the circulating supply gets to its limit, the higher the prices are likely to rise.

However, POL is a newer crypto asset, so it has more coins in circulation, about 8 billion coins. Therefore, since there are so many coins in circulation, the prices won’t climb very high.

FED Monetary Cycles

The Federal Reserve can affect the price of cryptocurrencies as well. With rising interest rates, market volatility is likely to occur. Investors are pulling away from crypto because of rising interest rates, surging inflation, and a potential recession. A decrease in demand can cause a dip in crypto prices.

What Could Polygon (POL) Be Worth in 10 Years?

Traders Union experts suppose that Polygon (POL) will hit $0.2757 by 2030 and $0.4088 in 2033. Keep in mind that these are only predictions, and are in no way financial advice

Polygon (POL) Price Predictions 2025

According to the Traders Union analysts by the end of 2025 Polygon (POL) can reach $0.143.

Will Polygon (POL) Hit $10 in 2024?

While it’s definitely possible that POL could reach $10 in 2025. This is unlikely for now. However, TU experts are predicting that POL will reach by 2025.

Can POL Hit $100 in 10 Years?

Because cryptocurrency has a history of experiencing unprecedented price changes, it’s definitely possible for POL to hit $100 in 10 years. However, according to the current Traders Union analysts price prediction by the end of 2033 POL can reach $0.4088.

Should I Invest in Polygon (POL) Right Now?

Polygon (POL) could be a good cryptocurrency to invest in because of its potential to gain lots of value. The coin has many uses, making it popular among investors. Another thing that shows POL has incredible potential is the fact that its price increased by 13,000% in 2021, going from less than 2 cents to $2.68 in just a matter of months.

However, it’s important to keep this in mind when looking at crypto assets to invest in. And it’s important to note that it could take a few years for POL to reach $100 or even $10.

You should also take into account the fact that crypto is an extremely volatile instrument. It can go up and down in value draPOLally, and within a short period of time. So, no matter what crypto asset you invest in, always remember to only invest as much as you’re willing to risk.

Where to Buy POL

You can buy Polygon through decentralized exchanges, but you can also purchase the asset with U.S. dollars or other fiat currency through exchanges like Coinbase and ByBit.

ByBit

Bybit Review

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ByBit is a cryptocurrency exchange with a wide range of advanced trading tools. It has top-notch security and gives users the ability to trade crypto perpetual contracts with up to 100:1 leverage. Like many other cryptocurrencies, you can buy POL on the ByBit platform.

Coinbase - best cryptoexchange in the US

Coinbase Review

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Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency. You can purchase POL on the Coinbase app anywhere Coinbase is available, through the Ethereum and Polygon networks. The process is quick, easy, and secure.

Summary

So, how high can the price of POL go? It’s unlikely for the coin to reach $10 or even $100 anytime soon. However, POL is an up-and-coming crypto asset that still has the potential to be a strong long-term investment. With many experts sharing very optimistic POL price predictions and the various uses of the coin, it can be reasonable to predict that POL has good long-term earning potential. But it S just a matter of how long will it take for you to get a good return on your investment.

Like most other cryptocurrencies, the price of the coin will likely see sharp increases and decreases due to the inherent volatility of crypto. Therefore, it’s important to do your due diligence when researching POL and only invest as much as you’re willing to risk.

Price prediction methodology

The following tools and instruments were used for making the prediction:

• Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.

• Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.

• Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.

FAQs

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Team that worked on the article

Ivan Andriyenko

Author at Traders Union

Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.

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Olga Shendetskaya

Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Glossary for novice traders

Ethereum

Ethereum is a decentralized blockchain platform and cryptocurrency that was proposed by Vitalik Buterin in late 2013 and development began in early 2014. It was designed as a versatile platform for creating decentralized applications (DApps) and smart contracts.

Volatility

Volatility refers to the degree of variation or fluctuation in the price or value of a financial asset, such as stocks, bonds, or cryptocurrencies, over a period of time. Higher volatility indicates that an asset's price is experiencing more significant and rapid price swings, while lower volatility suggests relatively stable and gradual price movements.

Investor

An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.

Bitcoin

Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.

Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.