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Layer 2 protocol Polygon‘s native cryptocurrency MATIC has successfully reclaimed the psychological $1 level following the current market recovery. Within a week, the cryptocurrency’s price recorded a growth of 16.68%, rising from $0.92 to $1.067.
25% Price Increase Anticipated for Polygon
With the bullish momentum remaining unbroken, Polygon‘s price is approaching an uptrend near the main resistance of $1.09. The cryptocurrency has rebounded from the last correction trend since the end of January, when the price recovered from the $0.71 support. The V-shaped recovery, supported by increasing volume, anticipated sustainable growth and pushed the price up by 46%, trading above the $1 level. During the same period, Polygon futures open interest saw a significant increase of 117%, rising from $202.1 million to $438.68 million. This growth in metrics highlights the network’s increasing adoption and market participants’ interest in the asset. This fundamental growth, in line with the broader market recovery, sets a higher recovery price for MATIC.
According to the analysis of the cryptocurrency’s daily chart, this altcoin has been carrying a symmetrical triangle pattern for approximately two years, indicating a horizontal trend. Experts suggest that under the influence of this pattern, Polygon’s price is expected to direct the current recovery to the overall resistance trend line, indicating a growth potential of 25%. However, a breakout above the triangle formation could signal a better confirmation of the recovery.
Whale Activity in MATIC
Moreover, the cryptocurrency whale transaction tracking service Whale Alert reported a significant transfer of approximately $13.6 million worth of 13,094,113 MATIC from an unidentified wallet to Binance. This large-value transaction recorded could influence the market dynamics of MATIC. Large movements in crypto exchanges often precede significant shareholders’ selling pressure or strategic positioning. Therefore, experts suggest that if supply pressure continues along the general trend line, Polygon coins could extend the horizontal trend. Consequently, MATIC has recorded a 16.68% growth, reclaiming the $1 level. Additionally, the increased volume and whale activity in the cryptocurrency could influence the price direction.
