Layer 2 is a scaling solution for blockchains that can significantly increase the number of transactions they can securely process while keeping the underlying blockchain’s original security. They are designed to scale the blockchain by solving the scalability issue. Many layer two tokens are worth keeping an eye on. Here are some of the top 3 layers of two tokens to watch in February 2022.
Polygon (MATIC) Price Prediction
Polygon’s primary goal is to create the first commercially viable decentralized multi-chain system. Polygon achieves this by combining the best of Ethereum and Ethereum Classic, providing reliable documentation. It is used to help drive development across the network. Matic coin can be used as a form of payment for transaction fees and staking purposes.
Sandeep Nailwal founded the project in 2017, and the native currency MATIC powers it. It is currently trading at $1.88 with a market cap of 14 billion dollars and has a max supply of 10,000,000,000 coins, currently ranking at #15 on CoinMarketCap.
On the 1D timeframe, MATIC has filled the liquidity zone and broke the resistance trendline, although giving retest a good candle closure could help.
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Loopring (LRC) Price Prediction
Loopring (LRC) is an Ethereum-based token used as an open protocol for building decentralized exchanges to trade different cryptocurrencies. The Loopring Project is a layer two solution to scalability, which unlocks blistering speeds and previously unheard-of levels of gas efficiency. This is achieved by moving all processing to another layer and relying on zero-knowledge proofs for transactions verification.
Daniel Wang founded it in 2017, and its native coin, LRC, powers it. It is currently trading at $1.08 with a market cap of 1.4 billion dollars and has a max supply of 1,374,513,896 coins, currently ranking at #70 on CoinMarketCap.
Looking on a 4H time frame, LRC was trading in a downtrend after a bullish uptrend and now might retrace more and complete its bullish bat pattern at the .886 zone. But if we break the trendline, then things might change.
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SKALE Network (SKL) Price Prediction
SKALE can run unlimited decentralized networks on Ethereum, making them the only platform to handle heavy workloads and take care of your dApps, casinos or ICOs. In addition, Skale Network can run Ethereum DApps 1000x faster through its use of sidechains. As a result, developers build their projects faster and with better performance.
Jack O’Holleran founded it in 2018, and its native coin, SKL, powers it. It is currently trading at $0.1709 with a market cap of 549 million dollars and has a max supply of 7,000,000,000 coins, currently ranking at #124 on CoinMarketCap.
On the 1D timeframe, SKL broke the trendline resistance, and as following BTC.d and BTC price, it pumped accordingly to the structure. A candle closure above the rectangular resistance is a good sign.
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Closing Thoughts
The most important part of trading is discipline and patience. So, according to the above analysis, the coins we just spoke about might see some decent gains. Again, it’s your hard-earned money you’ll be investing, so Do Your Own Research before investing.
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