Whales Accumulate as Polygon Eyes $1 Milestone
  • Recent data shows that whales are actively accumulating MATIC amidst a broad market correction that has seen assets trading below $0.7.
  • Interestingly, one analyst observed the formation of a bullish trend that could cause MATIC to surge to $0.95 and $1.29.

Polygon’s native token MATIC goes through a few turns 1% positive run to hit $0.66 Several weeks after consistently deviating from the target price.but asset price not yet 34% has decreased since the beginning of the year, 31% Decreased in the last 30 days.

Capitalizing on this correction, whales have gone on a buying spree, showing a bullish outlook for Layer 2 blockchain. According to Lookonchain data, an unidentified whale withdrew 1.9 million MATIC tokens ($1.41 million) from the Binance exchange to a decentralized on-chain wallet. The data further reveals that the whale has withdrawn AVAX ($1.86 million), FET ($1.45 million), GRT ($1.44 million), OP ($129 million), and that he has withdrawn RNDR ($1.26 million) multiple times. is revealed.

Apply MATIC to technical analysis Cryptocurrency Analyst Scalping, I noticed the formation of an expanding wedge pattern on the daily chart. Mr. Scalping predicted to his X followers that if his asset could sustain a position above $0.63 by the end of the day, a bullish setup would be triggered. According to him, if the above conditions are met, MATIC could soar to $0.95 and then reach the second target of $1.29.

Interestingly, the last time MATIC traded above $1 from February 21, 2021 is still fresh in investors’ memories. The asset suddenly fell below this zone after April Fools’ Day and has struggled to recover since then.

Polygon (MATIC) Booming network activity could trigger a bull market

A review of the latest network activity reveals that MATIC has good technical reasons to continue on a positive trajectory as predicted by analysts.According to the data, Polygon’s Proof of Stake (PoS) network now has over 1 million daily active addresses. Interestingly, this has been occurring for 25 days in a row, indicating a continued increase in network usage.

In addition to this, non-fungible tokens (NFTs) and decentralized finance (DeFi) have similarly seen a significant increase in interest over the past few weeks.

A Crypto News Flash (CNF) review of data from Dune Analytics found that Polygon is growing in terms of both decentralized exchange (DEX) and revenue. Unfortunately, the total value locked by the network (TVL) decreased significantly over the period.

According to analysts’ interpretation, the surge in new users and trading activity is not leading to users locking more funds into Polygon’s DeFi protocol. Another reason that could completely explain the decline in TVL is that users may be moving their funds to alternative platforms that offer better yields.

In any case, Polygon is focused on improving the functionality of its ecosystem, and co-founder Brendan Farme recently revealed the possibility of implementing the EIP-4844 proposal.extract insights from Publication of Crypto News FlashPolygon Labs CEO Mark Boiro believes this upgrade could reduce proof costs and encourage mass adoption of native tokens in the long term.


Recommended for you:

Related Article

0 Comments

Leave a Comment