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The Polygon network continues to signal its rally as the price of MATIC approaches $0.90 with a 7% increase. On the monthly chart, MATIC has broken out of a downward trend channel and entered a major macro uptrend.
Institutional and Whale Participation in Polygon is Rapidly Increasing
MATIC joined the altcoin market rally and increased its price by over 26% during a strong whale accumulation last week. In the past month, the price of the altcoin has surprisingly risen by nearly 70%.
IntoTheBlock, a chain analytics platform, reported a significant increase in institutional and whale interest in the cryptocurrency market. Polygon, an Ethereum scaling solution, has seen an extraordinary increase of 3,800% in transactions over $100,000 in the past 30 days. Additionally, a positive development in the Polygon ecosystem is its partnership with Ubisoft, a leading video game creator and publisher, through a Web3 gaming platform called Immutable. This partnership aims to create innovative gaming experiences and unleash the potential of Web3.
MATIC Tokens Moved to Coinbase Exchange
Whale Alert, a platform that detects significant movements in blockchains, reported that over 55 million MATIC tokens were transferred from unidentified wallet addresses to the US-based cryptocurrency exchange Coinbase. The fast and high-volume nature of these transfers raised concerns. Such large transfers are usually considered as selling to exchanges from external sources. However, these transfers did not affect the price of MATIC, which is currently trading at $0.8901 with a more than 26% increase in the past 24 hours.
The latest on-chain analysis by leading crypto data platform Santiment shows a notable increase in the usage of MATIC tokens from November 5th to 9th. During this period, MATIC experienced a significant price increase from $0.69 to $0.85. Unlike the increase in token circulation, this usage surge indicates strong buying activity in the market, preventing a significant drop in MATIC’s value.
Although the circulating supply of MATIC decreased during that period, the number of tokens on the Polygon network increased to 119.96 million. Considering the ongoing consolidation and the potential return to November 9th circulation levels, speculation is rapidly growing that MATIC could reach $1.
