While the rest of the cryptocurrency market has come under strong selling pressure, Polygon’s native cryptocurrency MATIC is up by 10% shooting past the $1 level. At press time, it is trading 8.5% up at a price of $0.99 overtaking Tron (TRX) for the 12th position. Amid the recent price rally, Polygon (MATIC) also extends its weekly gains to more than 30%.
Polygon Price Rally to Continue
On the technical chart, the MATIc price has given a strong breakout above $1. If it sustains at the current level, MATIC can gear up for another 70% rally going ahead.
In the latest analysis by renowned cryptocurrency analyst Ali Martinez highlights that the Polygon ($MATIC) price is breaking out from a symmetrical triangle pattern. According to Martinez, if Polygon manages to achieve a sustained weekly candlestick close above the $0.96 mark, it could pave the way for a significant upward move, potentially propelling $MATIC towards the $1.73 price level. This analysis suggests an optimistic outlook for Polygon, with potential bullish momentum on the horizon if certain key levels are breached.
If Polygon (MATIC) maintains its current path, there is a possibility of it targeting higher objectives at $1.1527 and potentially reaching $1.5184. On the flip side, in the event of a bearish shift, Polygon might pull back to lower support levels, touching around $0.4213 or even $0.0556. As a precautionary measure, following the advice to implement a stop-loss strategy below $0.55 would be prudent.
Interestingly, today’s price surge comes after billionaire Mark Cuban moved a large number of his MATIC holdings to crypto exchange Coinbase.
MATIC Whales Are Accumulating
During the last week, strong accumulation was visible among the Polygon (MATIC) whales. In recent days, large Polygon (MATIC) holders, often referred to as whale addresses, have once again shown bullish behavior after reducing their holdings earlier this month. Since December 16, addresses holding between 1 million and 10 million MATIC have increased their holdings by 55 million MATIC tokens, equivalent to over $44.5 million, reaching a total of 930.97 million MATIC.
Interestingly, this accumulation coincided with a correction in the MATIC price, and it concluded as the altcoin rebounded from $0.765. Historically, the actions of these investors have served as a significant indicator of changing trends, with market rallies following their accumulation and corrections aligning with their selling activities.
