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While the rest of the crypto market is under strong selling pressure, Polygon (MATIC) made a significant breakout by rising 10% and crossing the $1 level. At the time of writing, MATIC is trading at $0.99, up 8.5% in the last 24 hours, surpassing Tron (TRX) and taking the 12th spot on the list of largest cryptocurrencies. Amidst this price rally, MATIC’s weekly gain has exceeded 30%, and technical indicators point to further increases.
Technical Analysis Suggests Continued MATIC Price Rally
According to the technical chart, MATIC is currently experiencing a strong breakout above $1. If the altcoin continues to stay above this level, it could rally by 70% or even more.
Famous crypto analyst Ali Martinez mentioned MATIC in his latest analysis, highlighting that the altcoin is showing a tendency to break out from a symmetrical triangle formation. According to Martinez, if the altcoin consistently closes a weekly candlestick above $0.96, it could trigger a significant upward movement, potentially pushing the price towards $1.73. This analysis presents an optimistic outlook for Polygon, suggesting a serious rise on the horizon if certain key levels are surpassed.
If MATIC follows the path outlined by Martinez, it must first overcome the resistance at $1.2517 and secure this level before targeting higher prices. On the other hand, if a decline takes place, the altcoin‘s price could fall to $0.5101 or even to $0.3170. To avoid such a steep decline, MATIC must not close below $0.55.
Polygon Whales Accumulating MATIC
Over the past week, Polygon whales have been observed strongly accumulating MATIC. Recently, large investors, often referred to as whale-level wallet addresses, have shown a tendency to increase their holdings again after reducing their assets at the beginning of the month. Since December 16, wallet addresses holding between 1 million and 10 million MATIC have increased their holdings by 55 million MATIC, corresponding to over $44.5 million, reaching a total of 930.97 million MATIC.
Interestingly, this accumulation coincided with a correction in MATIC’s price, which ended as the altcoin’s price recovered from $0.765. Historically, the actions of these investors have served as an important indicator of market trends, with market rallies following their accumulations and corrections aligning with their selling activities.
