Key Points
- MATIC price experienced a weekend dip but remains in an upward trend above crucial support levels
- On-chain data indicates that whale wallets are still accumulating MATIC, suggesting strength in the upward movement
- The next resistance levels for MATIC are identified at $0.97 and $1.19
- Polygon launched Release 5 of Polygon ID, improving credential issuance and expanding the identity ecosystem
- MATIC price outperformed the broader market following the launch of Polygon ID Release 5, increasing by over 8%
Analysis of on-chain data shows that whale wallets holding between 1 million and 100 million MATIC have increased their holdings since October 19th, indicating continued confidence in MATIC’s potential despite the weekend’s correction.
Furthermore, the mean coin age for MATIC is on an upward trend, signaling ongoing accumulation. The bullish market structure on the daily chart remains intact, with resistance levels at $0.97 and the psychological level of $1.00.
In addition to price movements, Polygon recently announced the official launch of Polygon ID Release 5. This upgrade introduces new features for on-chain credential issuance, enabling verifiable credentials creation using both on and off-chain data.
Polygon ID Release 5 also enhances the Issuer Node for creating credentials and introduces a new marketplace to facilitate the discovery of available credentials. These improvements align with Polygon’s objective of nurturing a robust decentralized identity ecosystem.
Following this release, MATIC demonstrated significant outperformance compared to the broader crypto market, rising by over 8% in just 24 hours while Bitcoin saw a gain of only 2%. This price movement reflects the market’s confidence in Polygon’s ongoing development and expanding capabilities.
It seems that MATIC is poised to continue its upward trend, supported by accumulation from large wallet holders. Traders should keep an eye out for a retest of the $0.97 resistance level, with further upside likely driven by Polygon’s ecosystem growth and protocol improvements for the MATIC token.
By
By
By
By
By
By