Polygon's (MATIC) price has increased by 12% in the past week, but is struggling to break above the $1 support line. On-chain data suggests that the MATIC price could reach $2 in the long run if certain bullish signals remain in place. After Ethereum's Proof of Stake transition in April, MATIC initially suffered a contraction due to investors moving their staked assets to the Ethereum mainnet. However, the number of MATIC tokens locked up in smart contracts has increased significantly in May, which could lead to a prolonged bull rally if investors continue to stake assets on the Polygon network at this rate.
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Polygon ($MATIC) Staking on the Rise: Can Price Reach $2?
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