Polygon surged by 70% after the latest development updates and they triggered a bullish breakout which suggests that the unveiling of the new scaling tech is also contributing to the price developments so let’s have a closer look at our latest cryptocurrency news.

Since June 18, Polygon surged by 70% and has been rising along the support trendline so, during this uptrend, it broke af ew lines of resistnace and culminated in a break of the ascending triangle pattern. Over the past week, Polygon increased by 70% and it is retesting the $0.8899 resistance level so a daily close above this trendline will give bulls another boost for a leg higher. The technical analyst FX_Professor set $1 and $1.27 price targets on the back of the outbreak.

When we started @0xPolygon, the Ethereum community embraced us. That empowered us to onboard 30k apps and 150M users and become a giant among scaling efforts and alt L1s.

We made a promise to stay committed and give back to Ethereum.

In 3 days, we are delivering on that. 🦄💫 pic.twitter.com/hRBN8DOVF7

— Mihailo Bjelic (@MihailoBjelic) July 17, 2022

The general marekt price action saw elements of recovery after the sell-off. In the past seven days, the total marekt cap inflows totaled $97 billion which lead to a move back above the $1 trillion mark. In the past week, the strongest top 100 performers were Polygon, Lido, and Ethereum Classic which also increased by double digits. Disney announced that it selected Polygon alongside Flickplay and Lockerverse to join the Accelerator program which aims to develop other technologies to create new experiences.

Disney noted that the Accelerator program aims to make use of new technologies like augmented reality and NFTs as well as AI characters to build a future immersive experience. MATIC increased 20% on the news to close to the $0.71 level while lifting the price above the 50-day moving average for the first time since March. In continuing positive developments for Polygon, the co-founder Mihailo Bjelic teased the initiative to give back to ETH and he signed off stating that all will be revealed in three days.

Bjelic’s tweet gave no hints on what the reveal will be and speculates an unveiling of Polygon Hermez at the ETH Community Conference in Paris that will run from July 19 to 22. Polygon Hermez is an open source zk rollup technology and it refers to a protocol method that enables proof without revealing the data to the verifier but at the same time, other scaling gains and cost savings can also be achieved by batching transactions.