Polygon’s bullish turn indicated by a substantial 20% surge
Polygon’s native cryptocurrency, MATIC, has defied the downward trend in the broader cryptocurrency market and experienced a significant surge of 20%, surpassing the $1 milestone. Currently trading at $1.05, MATIC has seen a remarkable 35% rise over the past week. This resurgence has been accompanied by a substantial 176% increase in trading volume over the past day.
Enthusiasts and investors within the Polygon community are now setting their sights on a milestone price of $1.4 for the token, aiming to surpass the peak price recorded in February 2023. Market analyst Ali Martinez’s charts suggest that this goal is achievable. Martinez predicts that if the digital currency surpasses $0.96, it could potentially rally as high as $1.73 before stabilizing.
Polygon’s progress can be attributed to the 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 major player in the digital currency landscape. The launch of the Polygon CDK has played a crucial role in this transformation, attracting significant attention and usage from major industry players.
Intriguingly, the recent price surge coincides with billionaire Mark Cuban moving a substantial number of MATIC tokens to the Coinbase exchange. This movement has caught the attention of many in the cryptocurrency community.
Furthermore, there has been a noticeable pattern of accumulation among large MATIC holders. Whale addresses holding between 1 million and 10 million MATIC have increased their holdings by over 55 million tokens since December 16. As a result, whales now possess a staggering 930.97 million MATIC tokens.
Polygon’s continuous updates and developments have kept investors engaged, exploring alternatives and keeping a close eye on the cryptocurrency’s progress.
