The price of MATIC, the native asset of the Polygon network, has increased by over 5% in the past 24 hours, joining the rally in the cryptocurrency market. The over 5% increase in the price of the altcoin has raised its weekly gains to 22% and its monthly gains to 47%. On-chain data shows that the price increase in MATIC is directly linked to strong whale accumulation.
Strong Whale Accumulation for MATIC
On-chain data reveals that whale accumulation for MATIC has been steadily increasing for the past few weeks. According to on-chain data platform Santiment, Polygon’s MATIC has experienced a 54% increase in market value in just three weeks, reaching $0.81. Large wallet addresses holding between 100,000 and 10 million MATIC played a significant role in this rise over the past two weeks.
MATIC made an important move for its suppressed price with a downtrend line at the beginning of the week and surpassed this trend line, leaving behind 22 months of pressure. If the buying pressure continues, MATIC’s price could potentially reach the next significant resistance zone at $0.9 with a 15% increase. Moreover, surpassing this zone will bring it into the $1 range.
New Collaboration Announced by Polygon
Polygon Labs, the team behind MATIC, recently partnered with the NEAR Foundation to jointly develop a zero-knowledge (ZK) prover specifically designed for the Wasm Blockchain. This zkWasm prover serves as a crucial link between Wasm-based chains and the expanding Polygon CDK chain ecosystem, including Ethereum.
As part of this strategic collaboration, NEAR Foundation has become one of the contributors to Polygon CDK (Chain Development Kit). The zkWasm prover further enhances the flexibility of developers using the Polygon CDK, a comprehensive open-source software component set that simplifies the creation and deployment of ZK-supported Layer 2 solutions on the Ethereum platform.
WebAssembly (Wasm) stands out as a widely adopted framework for executing complex programs in web browsers. This framework provides native-like performance while serving as the foundation for various popular web-based services. In the Web3 space, the Wasm Virtual Machine also functions as a runtime in blockchain platforms like Near (NEAR) and Polkadot (DOT), distinguishing itself from the Ethereum Virtual Machine.
