TL;DR
MATIC, Polygon's native digital currency, exceeds $1, reaching its highest value since May.
Despite a general crypto market decline, MATIC showcases resilience, gaining 10% and ranking 12th in market position.
Speculation suggests a potential 70% rally, supported by technical analysis indicating a breakout and bullish patterns.
Polygon's recent surge contributes to a weekly gain exceeding 30%, solidifying its position in the evolving crypto landscape.
The surge follows billionaire Mark Cuban's MATIC transfer to Coinbase, adding to positive sentiments.
Whale activities indicate an accumulation phase for MATIC, with large-scale holders increasing their holdings during a price dip.
You can also read: The Rise of Memecoins: Exploring the Internet's Currency Craze
Polygon's native digital currency, MATIC, has made a significant breakthrough by surpassing the $1 mark for the first time since May. This remarkable achievement has caught the attention of investors and crypto enthusiasts alike, igniting speculation about the potential for a further rally of up to 70%. While the overall cryptocurrency market has been facing a steep sell-off, MATIC has been swimming against the tide, demonstrating its resilience and strength. It has appreciated by 10% and surpassed the $1 milestone, showcasing its robust performance amidst the market volatility. As of now, MATIC has witnessed an impressive increase of 8.5%, trading for $0.99, catapulting it to the 12th position in terms of market rank, surpassing even Tron (TRX). This recent surge in price has bolstered Polygon's (MATIC) weekly gains to over 30%. Still, it has also solidified its reputation as a promising digital currency in the ever-evolving crypto landscape.
The Bullish Run of Polygon May Persevere
The technical graph reveals a robust breakout of the MATIC price above the $1 mark. If it manages to stabilize at the current level, MATIC could be well-positioned for another rally of up to 70%.
An in-depth analysis by acclaimed cryptocurrency analyst Ali Martinez indicates that Polygon's ($MATIC) price is emerging from a symmetrical triangle pattern. Martinez suggests that if Polygon secures a sustained weekly candlestick close above the $0.96 threshold, it could set the stage for a marked upward trajectory, potentially propelling $MATIC towards the $1.73 price level. This analysis projects a positive future for Polygon, with possible bullish momentum if it surpasses certain critical groups.
Should Polygon (MATIC) maintain its current trajectory, it could aim for even loftier targets at $1.1527 and potentially hit $1.5184. Conversely, in the face of a bearish turn, Polygon might retract to lower support levels, possibly falling to around $0.4213 or even $0.0556. As a safety measure, implementing a stop-loss strategy below $0.55 is advised.
Notably, this price surge follows billionaire Mark Cuban's transfer of a large portion of his MATIC holdings to the cryptocurrency exchange Coinbase.
Whale Activities Indicate an Accumulation Phase for MATIC
Over the past week, there has been noticeable accumulation among the Polygon (MATIC) whales. In the recent past, large Polygon (MATIC) holders, colloquially known as whale addresses, exhibited bullish tendencies after trimming their holdings earlier in the month. From December 16 onwards, addresses holding between 1 million and 10 million MATIC augmented their holdings by 55 million MATIC tokens, equivalent to more than $44.5 million, amounting to a total of 930.97 million MATIC.
Interestingly, this accumulation phase coincided with a temporary price dip in MATIC and ended as the altcoin bounced back from $0.765. Historically, the behavior of these large-scale investors has proven to be a significant indicator of trend reversals, with market rallies succeeding in their accumulation activities and corrections aligning with their selling maneuvers.
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