Polygon’s MATIC Surpasses $1, Overtaking Tron with a 10% Surge
Amidst strong selling pressure in the cryptocurrency market, Polygon’s native cryptocurrency MATIC has surged by 10%, breaking the $1 level and currently trading at $0.99. This surge has propelled MATIC to the 12th position, surpassing Tron (TRX). The recent price rally has extended Polygon’s weekly gains to over 30%.
Polygon Price Rally and Technical Analysis
On the technical chart, MATIC has experienced a significant breakout above $1. If it maintains this level, MATIC could potentially see another 70% rally in the near future.
Renowned cryptocurrency analyst Ali Martinez’s latest analysis points out that MATIC is breaking out from a symmetrical triangle pattern. Martinez suggests that a sustained weekly candlestick close above $0.96 could pave the way for a substantial upward move, potentially reaching the $1.73 price level. This analysis indicates a positive outlook for Polygon, with potential bullish momentum if key levels are breached.
If MATIC continues on its current path, it may target higher objectives at $1.1527 and potentially reach $1.5184. In case of a bearish shift, Polygon might pull back to lower support levels, touching around $0.4213 or even $0.0556. As a precautionary measure, implementing a stop-loss strategy below $0.55 is advisable.
Notably, the price surge today coincides with billionaire Mark Cuban moving a significant portion of his MATIC holdings to the Coinbase crypto exchange.
Accumulation by MATIC Whales
Over the last week, strong accumulation has been observed among Polygon (MATIC) whales. Large MATIC holders, also known as whale addresses, have exhibited bullish behavior by increasing their holdings by 55 million MATIC tokens (worth over $44.5 million) since December 16. The total holdings of addresses with 1 million to 10 million MATIC have reached 930.97 million MATIC.
This accumulation coincided with a correction in the MATIC price, concluding as the altcoin rebounded from $0.765. Historically, the actions of these whale investors have been a significant indicator of changing trends, with market rallies following their accumulation and corrections aligning with their selling activities.
