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MATIC’s 20% climb signals a bullish turn for Polygon

matics-20-climb-signals-a-bullish-turn-for-polygon
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Markets
MATIC’s 20% climb signals a bullish turn for Polygon

Polygon’s native cryptocurrency MATIC has defied the broader cryptocurrency market’s downward trend by surging 20% and surpassing the significant $1 level.

MATIC is currently trading at $1.05 and has seen a substantial 35% rise over the past week, posting a resurgence that been promisingly accompanied by a significant 176% increase in trading over the past day.

MATIC's 20% climb signals a bullish turn for Polygon - 1
MATIC price chart | Source: CoinMarketCap

Increased volume aside, enthusiasts and investors in the Polygon community are now eyeing a $1.4 milestone price point for the token, seeking to surpass the peak price recorded in February 2023.

When considering the charts presented by prominent market analyst Ali Martinez, it is an outcome that appears achievable. Martinez predicted that if the digital currency climbs above $0.96 it is likely to experience a rally potentially reaching as high as $1.73 before stabilizing.

Polygon’s progress is rooted in continuous development efforts by Polygon Labs and the Polygon Foundation. These efforts have transformed the platform from a simple Ethereum-based layer-2 scaling solution to a significant player in the digital currency landscape.

A key factor in this transformation is the launch of the Polygon CDK, which has attracted significant attention and use from major industry players.

Interestingly, the recent price surge follows the movement of a substantial number of MATIC tokens by billionaire Mark Cuban to the Coinbase exchange.

Growing accumulation by MATIC whales

A growing pattern of accumulation has also been observed among large MATIC holders.

Since Dec. 16, whale addresses holding between 1 million and 10 million MATIC have increased their holdings by more than 55 million tokens, with whales now possessing 930.97 million MATIC.

MATIC's 20% climb signals a bullish turn for Polygon - 2
Source: Santiment