Bullish Wave Sweeps Crypto Market: Fantom (FTM), Polygon (MATIC), and Meme Moguls (MGLS) Experience Soaring Growth

There is no doubt that 2023 has brought renewed hope to the cryptocurrency market. While Bitcoin (BTC) leads the way with the potential of an ETF being approved in the US, other altcoins have also seen significant growth. Among them, three stand out as major players in this current bullish wave: Fantom (FTM), Polygon (MATIC), and Meme Moguls (MGLS).

Fantom (FTM) Rises Like a Phoenix

Fantom is a DAG-based ledger that offers high scalability and low transaction fees. The project had been gaining significant traction, with the Fantom TVL climbing to a peak of $7.90 billion in March 2022.

Unfortunately, the crypto bear market and a hack on the Fantom Multichain Bridge resulted in the TVL dropping to $39 million and the token price to just $0.17. However, in the current bullish market, Fantom has made a remarkable comeback, with its TVL currently standing at $60 million and the token price soaring by nearly 100% to $0.31.

But the general bullishness of the market cannot take all of the credit, as the Fantom Sonic testnet has just been released. This upgrade introduces the Fantom Virtual Machine, reduces storage by 90% via the Carmen database storage protocol, and enhances the Lachesis consensus mechanism.

Could we be witnessing the beginning of a new era for Fantom? Only time will tell, but the community seems optimistic about its future prospects. It is also worth mentioning that the Fantom market cap sits at $884m, leaving plenty of room for growth compared to other top cryptocurrencies.

Can Polygon (MATIC) Break The $1 Resistance?

Polygon surged over 100x during the 2020/21 bull run as the crypto community recognized the project’s potential as a layer-two scaling solution for Ethereum. While the market correction saw its price drop to a low of $0.32, Polygon is back with a vengeance after pumping from $0.50 to $0.92 in three weeks.

So, what is fueling this sudden turnaround for Polygon? Well, the price escaped a descending trendline that suppressed the price since late 2021. Chartists see this as a bullish indicator that could increase price gains if the $1 horizontal resistance breaks.

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Author: Crypto Daily

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