Anticipate a 70% Surge as Polygon (MATIC) Price Successfully Breaks Above $1

Polygon’s MATIC Surges by 10%

While other cryptocurrencies face selling pressure, Polygon’s native cryptocurrency MATIC has seen a 10% increase, surpassing the $1 level. Currently trading at $0.99, it has overtaken Tron (TRX) to claim the 12th position. This surge adds to MATIC’s weekly gains of over 30%.

Polygon Price Rally Expected to Continue

Technical analysis indicates that the MATIC price has broken out above $1, and if it maintains this level, it could potentially rally by another 70%. Analyst Ali Martinez suggests that a sustained weekly close above $0.96 could propel MATIC towards the $1.73 mark. This optimistic outlook indicates potential bullish momentum for Polygon.

Anticipate a 70% Surge as Polygon (MATIC) Price Successfully Breaks Above $1 — Courtesy: Ali Martinez

If MATIC maintains its current trajectory, it could target higher levels at $1.1527 and potentially even reach $1.5184. However, in the event of a bearish shift, support levels at around $0.4213 or even $0.0556 may come into play. It is advised to implement a stop-loss strategy below $0.55 as a precautionary measure.

Mark Cuban’s MATIC Holdings and Whale Accumulation

Billionaire Mark Cuban recently transferred a significant amount of his MATIC holdings to Coinbase, coinciding with today’s price surge. Additionally, Polygon (MATIC) whales, who hold between 1 million and 10 million MATIC, have been accumulating their holdings. Over the past week, they increased their holdings by 55 million MATIC tokens, equivalent to over $44.5 million.

This accumulation by whales coincided with a correction in the MATIC price and ended as the altcoin rebounded from $0.765. Historically, the actions of these investors have been indicative of changing trends in the market.

Hot Take: Bullish Momentum for Polygon’s MATIC

Polygon’s native cryptocurrency MATIC has experienced a surge in price, surpassing the $1 level and overtaking Tron (TRX). Technical analysis suggests that if MATIC maintains its current level, it could potentially rally by another 70%. Furthermore, billionaire Mark Cuban’s transfer of MATIC holdings to Coinbase and the accumulation by MATIC whales indicate positive market sentiment. These factors, combined with historical trends, suggest that Polygon’s MATIC may continue its bullish momentum in the near future.