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Polygon Beats Estimates As MATIC Registers 26% Weekly Gain

Polygon (MATIC) surpassed expectations with regards to its trading price as it ended up being the top gainer in a seven-day period right now among the top 15 cryptocurrencies in terms of market capitalization.

Trading at $1.11 according to latest tracking from Coingecko at press time, the altcoin managed to climb by 26% for the past week. Its biweekly and monthly performances are also impressive, increasing by 23% and 35%, respectively.

Here’s a quick glance at how MATIC is ushering the new month.

  • Polygon continues to hold the crucial $1 territory to preserve hopes of another bullish run
  • A decline below $1 could mean a revisit to $0.8 support region for MATIC
  • The altcoin is up by 26% over the last seven days, surpassing Bitcoin and Ethereum in this department

Those numbers could have been higher if MATIC was able to sustain its surge today that allowed it to peak at $1.28. It has declined by 8.6% since then.

Now, the crypto’s focus must be on maintaining the $1 marker as doing so will boost its chances of hitting higher prices such as the coveted $1.5 region.

Polygon Shrugs Off Shaky Start For Crypto Space This Week

Altcoins had a remarkable run last week with many of them tallying significant price pumps. Ethereum was able to surpass the $1,600 marker and the maiden crypto, Bitcoin, was able to reclaim the $21K territory.

However, the crypto space if off to a rocky and shaky start this week as its frontrunners started to enter their respective price correction phases.

Bitcoin, for instance, is trading at $19,701 at the time of writing while Ethereum fell below the $1,500 marker to change hands at $1,475.

Polygon, on the other hand, remains steady for now as it is still above the $1 marker. This is crucial as this could mean the crypto is priming itself for another bullish breakout soon.

If MATIC is successful on this end, it could hit the $1.5 resistance region and even test the $2 territory. Should that happen, the altcoin will be within striking distance of its all-time high (ATH) of $2.92 which it achieved in December last year.

However, if the cryptocurrency crumbles and fall below $1, its most likely destination is the $0.8 support level.

Source: TradingView

Partnership With Large Businesses Paying Off For Polygon

Perhaps one of the reasons why MATIC is able to turn back the creeping bearish momentum that is looking to take over the crypto marker once again is its network’s efforts to partner with well-established companies.

Just last week, on Thursday, the Polygon chain announced its partnership with Meta-owned Instagram, giving its users the ability to mint and eventually sell non-fungible tokens (NFTs) through the its platform.

Moreover, on that same day, global financial institution JPMorgan Chase used the Polygon blockchain network to execute its first transaction in a decentralized finance (DeFi) environment.

These positive stimuli continue to keep MATIC’s head above waters as the larger crypto market is once again sailing on a sea of red.

MATIC market cap at $10.19 billion on the daily chart | Featured image from The Economic Times, Chart: TradingView.com

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Polygon Sees Large Volume Of MATIC Whale Transactions In Last 24 Hours

The Polygon network is now lit like Christmas lights following a number of positive MATIC news that involve some of the biggest names in social media and finance industry.

For starters, Instagram users will soon have the ability to mint, showcase and even sell non-fungible token (NFT) collectibles through the blockchain network.

Two days ago, Meta, the owner of the social media platform, announced it will soon test said functionality to a small number of creators in U.S. before expanding to other countries.

Meanwhile, financial services global leader JPMorgan Chase successfully executed its first ever live trade on blockchain in line with the Monetary Authority of Singapore (MAS) Project Guardian.

The iconic financial institution took advantage of Polygon network’s cheap transaction fees to issue and trade tokenized assets in its first attempt in exploring the Decentralized Finance (DeFi) banking sector.

Polygon Responds Accordingly

MATIC, the native cryptocurrency of the blockchain system witnessed an unprecedented rally following the above-mentioned developments, going up by almost 30% over the last seven days.

According to tracking from Coingecko, the altcoin is changing hands at $1.21 at press time and has increased by more than 8% for the past 24 hours.

On its biweekly and monthly charts, the Polygon owned digital currency has gone up by 45.4% and 42%, respectively.

It has also witnessed significant capital inflow as it increased its overall valuation, which now currently stands at $10.73 billion, by more than 22% – enough for the asset to maintain its rank as the 11th largest cryptocurrency in terms of market capitalization.

MATIC also reduced its year-to-date losses to just 37.2% although it is still down by almost 59% from its December 27, 2021 all-time high (ATH) value of $2.92.

MATIC Whales Make Their Move

Over the last 24 hours, the Polygon network was in frenzy when transaction volumes involving whales soared, currently being considered as the highest in an eight-month time frame.

But a deep dive into related data revealed some of the whales may have started accumulating MATIC tokens as early as two weeks ago in anticipation of the massive surge being exhibited by the crypto right now.

It would appear that some of these investors timed their trades in order to gain bigger profit which, basically, is the ultimate goal in the crypto space.

This is evidenced by the sharp decline in supply of the cryptocurrency among major exchange platforms last October 11.

MATIC total market cap at $10.5 billion on the weekly chart | Featured image from Analytics Insight, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.