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Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?

On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price.

Polygon Whales Have Increased Their Holdings Recently

As pointed out by an analyst in a post on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now.

In the context of the current topic, the whales are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate).

The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value.

Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month:

Polygon Whales

As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window.

These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level.

Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on.

While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows.

Polygon Exchange Reserve

The “exchange reserve” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges.

From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits.

One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity.

This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down.

The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term.

MATIC Price

Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month.

Polygon Price Chart

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Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?

On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price.

Polygon Whales Have Increased Their Holdings Recently

As pointed out by an analyst in a post on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now.

In the context of the current topic, the whales are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate).

The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value.

Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month:

Polygon Whales

As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window.

These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level.

Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on.

While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows.

Polygon Exchange Reserve

The “exchange reserve” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges.

From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits.

One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity.

This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down.

The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term.

MATIC Price

Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month.

Polygon Price Chart

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MATIC Price Prediction: Polygon Turned Sell On Rallies In Short-Term

MATIC price is down over 10% after the SEC’s lawsuit against Kraken mentioned MATIC as security. Polygon is under pressure and might struggle to recover.

  • MATIC price started a fresh decline from the $0.98 resistance against the US dollar.
  • The price is trading below $0.80 and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to decline if it stays below the $0.800 resistance zone.

Polygon Price Takes Hit

After a decent increase, Polygon’s price struggled to clear the $1.00 resistance. MATIC formed a high near $0.9829 and recently started a steady decline, underperforming Bitcoin and Ethereum.

There was a drop below the $0.920 and $0.850 support levels. The bears even pushed the price below the $0.820 support and the 100 simple moving average (4 hours). Finally, it tested the $0.728 support. A low has formed near $0728 and the price is now consolidating losses.

MATIC is trading below $0.80 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.788 on the 4-hour chart of the MATIC/USD pair.

Immediate resistance is near the $0.785 level or the trend line. It is near the 23.6% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. The first major resistance is near the $0.800 level. If there is an upside break above the $0.800 resistance level, the price could continue to rise.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

The next major resistance is near $0.855 or the 50% Fib retracement level of the recent decline from the $0.9829 swing high to the $0.7285 low. A clear move above the $0.855 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.920 level or $0.950.

More Losses in MATIC?

If MATIC’s price fails to rise above the $0.800 resistance level, it could continue to move down. Immediate support on the downside is near the $0.7285 level.

The main support is near the $0.700 level. A downside break below the $0.700 level could open the doors for a fresh decline toward $0.650. The next major support is near the $0.618 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $0.728 and $0.700.

Major Resistance Levels – $0.785, $0.800, and $0.855.

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Over 100 Million MATIC Incinerated In POLS Mint, But The Gold Rush Is Far From Over

The POLS mint was arguably the most anticipated event on the Polygon (MATIC) blockchain this year and the stats have corroborated this. On Thursday, the Bitcoin BRC-20-inspired mint took place and the burn figures have been nothing short of impressive. Over 100 million MATIC tokens were incinerated as a result of this event. But data suggests that this rush is far from over.

POLS Mint Triggers Massive MATIC Burns

The POLS token mint saw a massive turnout from the Polygon community as thousands of investors clamored to mint their tokens. As a result, the fees on the network skyrocketed and the ensuing token burn crossed 100 million MATIC.

According to reports, the fees on the Polygon network skyrocketed by over 13,000% sending fees as high as 4,005 gwei at the peak. Polygon founder Sandeep Nailwal acknowledged this increase in network activity, posting a chart that showed that the network had processed over 6 million transactions in a 24-hour period, amounting to a 170 transactions per second (TPS) rate.

EVM data shows that the POLS mint saw over 100 million MATIC burned which translated to over $80 million in fees alone. The NFT collection is rising in popularity and by Friday, a total of 10.32% of the collection has been minted.

Why Polygon Is Just Starting

One of the major drivers of the POLS popularity is its similarity to the BRC-20 standard that allowed for minting NFTs on the Bitcoin network which has been incredibly successful so far. Given the success of the BRC-20 tokens, this bullishness has translated to the PRC-20 tokens.

With only 18,480 owners of the POLS tokens and over 400,000 daily users on the Polygon network, there is still a lot of room for the new Polygon standard to catch on. When this happens, the expectation is that more investors will get into the tokens.

Polygon users are also actively awaiting the rebranding of the MATIC tokens into the new POL token. This rebranding is expected to give the token a sort of ‘fresh start’ that could propel the price upward. Users will have to convert their MATIC tokens to POL. However, the team has said that holders will have up to four years to do this.

The MATIC price initially benefitted from this surge in user activity by rising above the $0.94 level on Thursday. However, the altcoin has managed to lose some of those gains after falling 6.61% on Friday, according to data from Coinmarketcap. It is currently trading at $0.8626, albeit with a 2.67% gain on the weekly chart.

MATIC price chart from Tradingview.com (POLS Polygon)

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Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?

It’s been a relatively quiet period of price action for Polygon (MATIC) in the past few weeks. On this day last month, MATIC was trading around its October bottom of $0.5154 before the inflows into the crypto market. 

Although the cryptocurrency has performed reasonably well and has increased by 82% since then, its rise has mostly been overshadowed by inflows into Bitcoin and alternative cryptocurrencies such as Solana, which has seen an 188% increase in the same period.

After briefly falling below $0.9 many times this week due to consolidations, MATIC has now blasted off minor support at the $0.91 level. On-chain metrics like transaction count addresses making a profit and open interest on futures contracts all point to a continued surge for MATIC. 

Polygon Network Metrics Explode

Data from various market analytics platforms have shown a spike in transactions on the polygon network. Cryptoquant puts the total transaction count at its highest levels since September. At the same time, data from IntoTheBlock shows that large transaction volume (transactions of over $100,000) reached $636 million in the past 24 hours, an increase of more than 387% from yesterday. According to the analytics website, this is a surge of more than 3,800% compared to 30 days ago.

The volume of MATIC futures trading has also increased in the past week, as shown by the amount of open interest. According to chart data from Coinalyze, open interest on various MATIC futures markets has jumped by 120% this month. 

As shown by the chart below, the total open interest is now at $260 million from $118 million on November 1. This dramatic increase shows that more traders are betting on MATIC’s price rising significantly in the future.

Polygon network metrics

MATIC currently has one of the highest percentages of addresses who bought around the current price in profit. Data from IntoTheBlock’s “In/Out of the Money Around Price” metric show that 71.23% of MATIC addresses that bought between $0.800122 and $1.08 are making a profit at the moment. In comparison, around 66.99% of Bitcoin addresses who bought around the current price are making a profit.

MATIC price profit

MATIC Price To Reach $2?

Technical analysis of MATIC’s price chart shows the token could be gearing up for over $1 or higher in the coming weeks. MATIC has already bounced off a support level around $0.86 more than four times this week, indicating that the bulls are not willing to give up momentum yet. 

MATIC is trading at $0.94 at the time of writing, and the next resistance is around a bearish order block proving resistant at $9.8. A break over this resistance could see MATIC reach above $1, and a move above $1 would confirm the uptrend and open the door for a run toward $2 or higher.

According to Dave The Wave, Polygon is set to enter an uptrend against Bitcoin. The crypto analyst’s technical analysis points to a 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.

MATIC price chart from Tradingview.com (Polygon network metrics)

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Crypto Analyst Says MATIC Price Will Rocket Above $1.5 If This Happens

The MATIC price has gained quickly making it one of the top gainers in the last day. But even after growing so much, crypto analysts think that the main event is only beginning, expecting the token to cross the $1 mark once more and make it above $1.5.

MATIC Price Could Mount 76% Rally To $1.5

Crypto analyst Babenski has laid out a scenario where the MATIC price could rise back above $1.5. The token has seen investors eagerly await its return and it is expected to be glorious. As the analyst outlines, the Polygon native token is still facing a bit of a resistance but a breakout above the $0.9 would spark a surge.

The analyst explains that the price is being held back but is trying to break out of the A&V pattern. Even the fact that the altcoin is trying to break out of this pattern is bullish and a complete break could see it rise up and clear the coveted $1 level.

MATIC price chart from Tradingview.com

Also, this breakout could see the price rise as high as 76%, as Babenski notes. Such a surge would bring MATIC above $1.5. If this happens, it will be the first time in almost a year that the MATIC price has crossed this level and could signal the start of another bull rally.

Maintaining A Bullish Outlook

In addition to Babenki, another crypto analyst has taken to TradingView to share their own bullish outlook on the MATIC price. This time around, Nathan at MyCryptoParadise presents their analysis with the fact that MATIC seems to have a well-executed rounding bottom pattern.

Then using the daily candle, the analyst predicts a potential to break out from its current supply area. “A successful breakout would pave the way for MATIC to probability advance toward our targeted supply area,” Nathan said. The outcome and the expected peak of this breakout, although not as high as Babenski’s forecast, also put the price above $1.1.

MATIC polygon price chart from Tradingview.com

However, it is not a completely smooth road for the MATIC price here. This is because the analyst says that if the altcoin comes across any difficulty in breaking the supply area, then it could trigger a downtrend. This would cause the price to dip and head toward demand at $0.69.

“The undesirable scenario unfolds if, during the retesting at the demand of $0.69, MATIC struggles to sustain its position and breaches the demand area,” says Nathan. “In such a case, MATIC would revert to a bearish movement, potentially retracing to the robust support area.”

MATIC price chart from Tradingview.com (Crypto analyst)

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MATIC Price Prediction: Polygon Pump 15%, Bulls Target $1

MATIC price is up over 15% and trading near $0.85. Polygon bulls are in charge, and they might soon aim for a move toward the $1.00 level.

  • MATIC price started a strong increase above the $0.75 resistance against the US dollar.
  • The price is trading above $0.78 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.850 and $0.880 resistance levels.

Polygon Price Signals Breakout

After forming a base above the $0.65 level, Polygon’s price started a strong increase. MATIC broke many hurdles near $0.70 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.75 resistance and the price climbed over 15%. Finally, it tested the $0.850 resistance zone. A high was formed near $0.8588 and recently the price saw a downside correction. There was a sharp decline below the $0.820 level.

The price even spiked below the 50% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high. However, the bulls remained active above the $0.750 support zone.

There is also a key bullish trend line forming with support near $0.775 on the 4-hour chart of the MATIC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $0.6952 swing low to the $0.8588 high.

MATIC is now trading above $0.78 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.850 level. The first major resistance is near the $0.880 level. If there is an upside break above the $0.880 resistance level, the price could continue to rise.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

The next major resistance is near $0.920. A clear move above the $0.920 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.980 level or $1.00.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.850 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.800 level.

The main support is near the $0.775 level or the trend line. A downside break below the $0.775 level could open the doors for a fresh decline toward $0.720. The next major support is near the $0.700 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.800 and $0.775.

Major Resistance Levels – $0.850, $0.880, and $0.980.

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Polygon (MATIC) Jumps Another 6% As Whales Show High Activity

Polygon has continued its recent bullish momentum in the past day, jumping a further 6%, as on-chain data shows the whales are highly active currently.

Polygon Is Now Up More Than 21% In The Past Week

The past month has been a great time for Polygon investors as the cryptocurrency has observed a substantial uplift. Earlier in this period, the growth had been slower, but recently the asset has really stepped up.

Here is a chart that shows how MATIC’s rally has looked over the last 30 days:

Polygon Price Chart

With the latest leg in the surge, Polygon has reclaimed the $0.80 level for the first time since July of this year. Earlier in the day, the coin had spiked to as high as $0.84, but since then it has registered a pullback towards the current price levels.

Nonetheless, even with the retrace, the asset is up a net 6% during the last 24 hours. As it stands, MATIC’s profits of 21% in the past week are among the best in the sector, with only Chainlink (LINK) showing a better performance inside the top 20 assets by market cap.

It would appear that the whales may be playing a major role in this latest rally if on-chain data is anything to refer to.

Polygon Whale Transaction Count Is At Elevated Levels Currently

As pointed out by the on-chain analytics firm Santiment, whales have been quite active in the market recently. The relevant indicator here is the “whale transaction count,” which keeps track of the total number of Polygon transactions that are carrying at least $100,000 in value.

The below chart shows the trend in this MATIC metric over the past few months:

Polygon Whale Activity

As displayed in the above graph, the Polygon whale transaction count has been at high levels recently. To be more particular, the whales have been making more than 161 transactions per day, which is the highest the metric has been since July.

Generally, high activity from the whales can be a predictor of volatility, as a large number of moves of these humongous holders together can have the power to move the market.

Naturally, such volatility can take the cryptocurrency in either direction, as the whale transaction count metric merely tells us about the number of transfers that the whales are making, and not whether these are buying or selling transactions.

In the chart, Santiment has also attached the data for another metric: the combined supply held by the 100,000 to 10 million MATIC addresses. As is visible in the graph, the sharks and whales have been accumulating since 24th October, suggesting that their buying may have been providing support to the rally.

The supply of these key holders may be one to watch for in the coming days, especially given the high transaction activity that the whales in particular are making currently. If the indicator observes a significant drawdown, then it would be a sign that the group has decided to take their profits.

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MATIC Propels Over $0.75, Is $1 Possible?

Amid the bullish trend circling the cryptocurrency market due to the recently concluded Uptober rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price surge in the last 20 days.

MATIC Experiences Price Growth

The recently concluded Uptober (October) which is believed to be a month of green (gains) saw some cryptocurrencies performing significantly great. Many altcoins experienced price surges during the past month, and one of the notable altcoins that benefited from this is MATIC.

The crypto asset recently went past the crucial $0.75 mark sparking momentum toward reaching the significant $1 mark. However, if the token is fortunate enough to sustain its current pace, it might reach the $1 mark by the end of 2023.

MATIC reaching the coveted $1 mark is expected to happen if the token manages to surpass $0.85 in November. Meanwhile, a reverse below $0.75 will bring the MATIC price down to $0.55, if buyers are unable to maintain their lead at $0.60.

MATIC’s Exponential Moving Averages (EMAs) have also experienced a significant breakout over the recent weeks. The price of MATIC experienced a price surpassing the crucial $0.75 barrier after the crypto’s 200-day EMA breakout. 

MATIC

MATIC surpassing a 200-day EMA puts it on its way to potentially reaching the $1 mark by the end of the year. This is because, in the Polygon chart, a golden crossover opportunity appears when the 50-day and 200-day EMAs are crossed above.

While the 50-day EMA’s upward trend suggests that a golden crossover could take place, the bull run cutting across the 200-day EMA may also suggest a reversal movement. However, the crypto asset has managed to sustain its upward trajectory since it surpassed the 200-day EMA.

Significance Of The Crypto’s Market

Currently, the token’s price is sitting at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is standing robust, ranking 13 in the cryptocurrency market with a market cap of $7 billion.

MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which buttresses its long-term technical score and puts it above 48% of all cryptocurrencies in service.

Related Reading: MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

One significant aspect of the surge in MATIC’s price is that the token experienced a 33% year-to-date (YTD) decline in September. Consequently, the crypto recovered from this within a month.

In addition, the token’s strong bullish candles and rising volumes hint at a continuation of an upward trajectory. As a result of this, buyers have a good chance of maintaining their lead at the current price of MATIC.

So far, MATIC has experienced a 50% increase in the last 20 days, putting it in a profitable position following the 33% year-to-date decline in September. With the current bullish continuation, the token presents more profits in the future.

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Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023

Polygon (MATIC), a  Layer 2 (L2) blockchain network, experienced remarkable growth in the third quarter of 2023. According to a report by Messari, the platform witnessed a significant increase in non-fungible token (NFT) sales, successful network upgrades, and the activation of a new token. 

Polygon NFT Sales Skyrocket

Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter increase in weekly NFT sales volume, reaching an impressive $20 million. This growth was primarily attributed to the success of DraftKings’ Reignmaker NFT collection, which became the top collection on the network. 

Polygon

The collection featured officially licensed cards from renowned sports organizations like the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore, through Q3, Polygon achieved significant milestones in terms of technological advancements. 

Moreover, Polygon activated the POL token on its mainnet during Q3 2023. POL serves as an upgrade to the existing MATIC token and offers holders the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol. 

The token features an inflationary model with an annual issuance rate that is subject to community governance, which, according to the report, enhances the overall security and decentralization of the platform.

Daily Active Addresses Surge Fueled By DeFi Dominance

During Q3, Polygon experienced a 1.4% quarter-on-quarter growth in daily active addresses, reaching an impressive 364,000. The decentralized finance (DeFi) sector accounted for the majority of the active addresses on the network, showcasing the platform’s strength and popularity within the decentralized finance space.

Polygon

What’s more, Polygon Labs unveiled Polygon 2.0, a comprehensive upgrade roadmap aiming to unify all Polygon protocols and blockchains using ZK technology. This initiative seeks to establish Polygon as the “Value Layer of the Internet” and introduces significant updates to protocol architecture, tokenomics, and governance. 

One of the key upgrades includes transitioning the network to a zkEVM Validium network, ensuring enhanced security while sharing the same level of robustness as Ethereum (ETH).

Furthermore, according to Token Terminal data, Polygon has shown positive momentum in price performance, network fees, and circulating market cap.

Polygon

The network’s native token, MATIC, has experienced an increase of 3.95% over the past 24 hours, trading at $0.6556, reflecting positive sentiment among investors. 

Over the past 30 days, the coin has experienced a notable increase of 13.01%, signaling a potential recovery from previous market downturns.

However, the six-month data shows a decrease of 34.97%, indicating the impact of market volatility on the long-term value of the token.

Polygon’s circulating market cap currently stands at $6.00 billion, exhibiting a 15.36% increase. However, the fully diluted market cap of $6.49 billion, which considers the total supply of tokens, has grown by 12.79%. 

The network’s fees over the past 30 days amounted to $1.21 million, representing a slight decline of 8.57%. However, on an annualized basis, the fees reached $14.68 million, indicating a downward trend of 20.24%. 

Featured image from Shutterstock, chart from TradingView.com 

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MATIC Price Prediction: Polygon Could Blast 10% To $0.70

MATIC price is consolidating gains above the $0.58 support zone. Polygon might gain bullish momentum if it clears the $0.650 resistance zone.

  • MATIC price is showing positive signs below the $0.65 resistance against the US dollar.
  • The price is trading above $0.60 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.640 and $0.650 resistance levels.

Polygon’s MATIC Price Aims Higher

After forming a base above the $0.50 level, Polygon’s price started a steady increase. MATIC broke many hurdles near $0.550 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.60 resistance and the price climbed as high as $0.6646. Recently, there was a minor downside correction below the $0.640 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.

MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

Immediate resistance is near the $0.640 level. The first major resistance is near the $0.650 level. If there is an upside break above the $0.650 resistance level, the price could continue to rise. The next major resistance is near $0.665. A clear move above the $0.665 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.680 level or $0.700.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.640 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6100 level.

The main support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the $0.584 level could open the doors for a fresh decline toward $0.550. The next major support is near the $0.532 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.610 and $0.584.

Major Resistance Levels – $0.640, $0.650, and $0.700.

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A Chance At Redemption: Analyst Puts MATIC Price At $1.5

The MATIC price has disappointed investors over the course of this year after falling from $1.5 to $0.5. This extended bear trend has significantly impacted investor morale but one analyst sees a redemption in the future of the altcoin, in the form of a 220% surge to $1.5.

MATIC Price To Make A 220% Break

The analysis of the MATIC price came from crypto analyst FieryTrading. Taking to TradingView, the analyst paints a bullish future for MATIC which they believe could rise as high as $1.5. From this current level, this would be a 220% rally and likely make MATIC a top gainer.

FieryTrading pointed to the fact that the altcoin has been caught in a sell-off trend throughout the year. However, this sustained selling has been broken through after Bitcoin showed strength, and altcoins like MATIC followed. To the point, FieryTrading believes that MATIC has finally broken out of the bearish resistance that has held back the token all year.

MATIC price chart from Tradingview.com

However, not everyone agrees with the crypto analyst’s prediction for the Polygon native token. One user took to the comment section to share their own expectation, explaining that the MATIC price is going to fall further and $1 would not be reached.

When FieryTrading inquired why the user believed MATIC would fall, they explained that they had insider information from working on a major project in the last year. According to the user, it’s not just MATIC but also Ethereum that could fall. “You are free to go long with polygon. Be careful,” the user cautioned.

MATIC’s Struggles Continue

Although the MATIC price has been able to follow the recovery trajectory of Bitcoin as well, it has not held on as well as others. After touching $0.661 on Tuesday, MATIC went into a sustained downtrend, and at a time when large altcoins are still seeing gains, MATIC is nursing 2.88% losses in the last day.

Additionally, the altcoin’s daily trading volume fell approximately 29% to $426 million on Thursday, which suggests traders and investors are going into a cooling-off period. So it is likely the MATIC price will continue to fall before it picks up steam again. However, if FieryTrading’s analysis is correct, then this downtrend would not last long.

As for MATIC investors, the price recovery has done little to amend the low profitability. As IntoTheBlock data shows, only 11% of all MATIC holders are seeing profit. The vast majority of 87% are deep in losses, with only 2% holding bags at the same price at which they purchased them.

MATIC price chart from Tradingview.com (Crypto analyst)

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MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC may not be able to hold as well as other altcoins as whales make their move.

Whales Move Tens Of Millions To Exchanges

The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth around $5.5 million.

Mostly, it was the destination of these tokens that was important which turned out to be the Binance crypto exchange. The whale looked to have deposited the tokens to sell them as the MATIC price had taken a quick 3% dive following the deposit.

MATIC would later recover and move into the green, a price increase that seemed to have prompted more whales to take advantage of the situation. Over the course of the day, whale transaction tracker Whale Alert would report multiple whale transactions all carrying millions of dollars worth of the token toward exchanges.

The next large transaction was one carrying 11,000,888 tokens worth $5.7 million to the Binance exchange. Another transaction followed shortly carrying the exact number of MATIC tokens also headed for the Binance exchange.

Within the same hour, the whale tracker also reported 15,826,267 million MATIC being shifted once again to Binance. This transition was carrying approximately $8.2 million worth of tokens. This pointed toward whales looking to dump large portions of holdings.

Polygon MATIC price chart from Tradingview.com (MATIC whales)

MATIC Price Could Suffer Drawdown

The massive amounts of tokens being shifted toward centralized exchanges could mean that the whales are beginning to offload some of their holdings to avoid further losses. In this case, it is not farfetched to say that the altcoin’s rally over the last day might be a brief one. Such a fall could easily see the MATIC price fall back to $0.51 as bears retest the support at $0.5.

However, all hope is not lost for the MATIC price as the coin still holds some bullishness. As one TradingView analyst points out, if the altcoin is able to break out from its current descending triangle, then the price could rally over 50%.

MATIC price prediction chart from Tradingview.com

The analyst puts the first target of this rally at the $0.9 level as well, which is an almost 100% price increase from here. But MATIC will continue to face opposition from bears, making it a tricky situation.

At the time of writing, the MATIC price is resting above $0.5232, enjoying 3.06% gains in the last day.

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Korean Finance Giant Partners With Polygon Labs, Can It Push MATIC Above $1?

A major Korean finance powerhouse, Mirae Asset Securities, has joined hands with a popular blockchain network, Polygon. This partnership has ignited curiosity about how it might impact the price of Polygon’s native cryptocurrency, MATIC. 

Top Financial Organizations Join Forces With Polygon To Create Tokenized Securities Network

In the early hours of today, September 7, 2023, South Korea’s largest financial group, Mirae Asset Securities, with over $500 Billion under manager, announced they are connecting to the Polygon network. According to the report, the collaboration aims to increase the adoption of Web3 technologies and develop a tokenized securities community.

In a press release, the asset manager said that Polygon Labs will be the chief technical consultant in the Token Working Group of Mirae Asset Securities. The asset manager said the group would work “efficiently” to create infrastructure to issue, exchange, and distribute token-based securities. 

According to the Head of the digital assets division at Mirae Asset Securities, Ahn In-sung:

Polygon Labs is a leading global blockchain technology development company that is innovating throughout all aspects of Web3. Through technical collaboration with Polygon Labs, Mirae Asset Securities aims to establish global leadership in the field of tokenized securities.

Notably, several financial companies are included in this collaboration. These include Linger Studio and Coin Plug, Hana Financial, and SK Telecom’s security token consortium, Next Finance Initiative (NFI).

According to the report, Big finance names like Franklin Templeton and Hamilton Lane, a big investment company with over $823.9 billion in assets, are already using Polygon for tokenization projects. 

MATICUSD price chart

Will Polygon’s Partnership With Mirae Asset Securities Affect MATIC’s Price?

The Partnership between Polygon Labs and Mirae Asset Securities to advance tokenization will benefit Web3 adoption within the ecosystem and could boost MATIC’s price.

On September 5, Polygon 2.0 was announced with Zero Knowledge L2 chains, three Governance pillars, and the Polygon Business Model part of the new upgrades. This upgrade will likely attract investors like Mirae Asset Securities to rely on Polygon for different purposes. 

From September 1-3, MATIC traded in the $0.54 range but has increased to $0.56 today, September 7. It implies that the partnership is likely driving the slight gains noticed in the last 24 hours and might signal an uptrend ahead for MATIC. 

MATIC has formed six consecutive green candles on the daily chart, suggesting buyers defend current levels. Also, it found critical support at $0.55, with its next price moves likely to send it to the $0.57 resistance level. 

If the buyers persist, MATIC can break above the $0.57 resistance level and move into an uptrend. The Relative Strength Index (RSI) indicator, with a value of 41.57, shows a neutral sentiment among investors. However, the Moving Average Convergence/Divergence (MACD) displays a buy signal confirmed by the green Histogram bars. 

MATIC will likely record a positive price action in the coming days based on a more positive investor sentiment and valuable partnerships.

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Polygon: New Partnership With Korean Telecom Giant Fails To Halt MATIC Slide

The Polygon (MATIC) price continues to fall. Even the recent positive news from Korea and the strong data from the NFT market cannot change this. Since the yearly high on February 13 at $1.56, the MATIC price has currently fallen 60% and is trading at just $0.6169.

Since the high, MATIC has been in a clear downtrend, which was last tested in mid-July. However, a breakout was not successful, both the trendline and the coinciding 200-day EMA have proven to be too strong a resistance. Now MATIC has also fallen below the 23.6% Fibonacci retracement level at $0.75.

If the support at $0.60 (in shorter time frames) now also falls, a plunge towards the yearly low at $0.50 could be imminent. However, if the level establishes itself as support in the next few days, a new attempt to break out of the downtrend could start.

For this, MATIC would currently have to rise above $0.71. However, validation of the breakout from the downtrend would have to come from the 23.6% Fibonacci retracement level. Only if MATIC rises above $0.75 the bulls might regain the upper hand. Then, the 200-day EMA at $0.84 would be the next major task that MATIC bulls have to master. Until then, MATIC seems poised for further downside.

Polygon MATIC

Even Positive News Can’t Move Polygon Price

It is a bad omen for the MATIC bulls that even positive news cannot move the price. In the last two days Polygon has been able to report no less than two positive news. Today, Polygon Labs has inked a strategic alliance with SK Telecom (NYSE:SKM), South Korea’s foremost mobile telecom operator. This collaboration is geared towards the expansion of SKT’s Web3 ecosystem, positioning the telecom behemoth at the forefront of the burgeoning decentralized tech sector.

Polygon’s CEO, Marc Boiron, elucidated the intent behind the partnership, stating, “Polygon Labs has been developing optimal blockchain technology for Web3 popularization, and we see this collaboration with SKT as an important step in providing Web3 experiences to more consumers.”

Central to this synergy is the integration of the Polygon blockchain within SKT’s NFT marketplace, TopPort, as well as its forthcoming Web3 wallet, set for launch in 2023. The wallet promises to offer users high-speed, cost-effective transactions, augmented by Ethereum’s intrinsic security and decentralization features. Given the widespread utilization of Polygon-based solutions by global brands, this integration is likely to enhance SKT’s Web3 offerings considerably.

Both entities will be actively scouring for promising Web3 startups to nurture and support. “By combining our experience in blockchain services and Polygon Lab’s blockchain infrastructure and ecosystem, we will be able to create valuable business opportunities and boost the Web3 ecosystem,” voiced Oh Se-hyun, Vice President and Head of Web3 CO at SKT.

Moreover, Polygon’s NFT ecosystem clinched the second spot in traded volume over a month-long period, as highlighted by Polygon Labs founder Sandeep Nailwal. Interestingly, this surge can be attributed not just to high-value transactions but a flurry of micro-transactions, indicating Polygon’s accessibility and widespread use.

By number of transactions, Polygon is 3x of Ethereum mainchain, that means there is a lot of micro transactions happening. The amount of “buyers” on Polygon also is 30% higher than the mainchain. This trend clearly solidifies Polygon’s burgeoning position in the decentralized tech sector.

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MATIC Price Prediction: Polygon Aims Recovery To $1

MATIC price is recovering from the $0.82 support zone. Polygon might rise further but there is a major barrier forming near the $1.00 zone.

  • MATIC price is attempting a recovery wave above the $0.86 resistance against the US dollar.
  • The price is trading above $0.86 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.90 resistance zone.

Polygon’s MATIC Price Attempts Recovery

In the past few days, Polygon’s price saw a steady decline from well above $1.00. MATIC declined below the $0.900 support to move into a bearish zone.

A low is formed near $0.8206 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.850. Besides, there was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair.

It broke the 23.6% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. MATIC price is now trading above $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level.

If there is an upside break above the $0.90 resistance level, the price could continue to recover. The next major resistance is near $0.95 or the 61.8% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

A clear move above the $0.95 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.985 level or $1.00.

Fresh Decline in MATIC?

If MATIC’s price fails to rise above the $0.90 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.88 level.

The main support is near the $0.865 level. A downside break below the $0.865 level could open the doors for a fresh decline toward $0.82. The next major support is near the $0.80 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.88 and $0.865.

Major Resistance Levels – $0.90, $0.95, and $1.00.

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MATIC Surges Past Key Resistance Level: Can This Breakout Sustain?

The MATIC price recently broke above a key resistance level, indicating a positive development. However, its price appreciation over the past week has been modest, with only a 2% increase. MATIC has remained close to a critical support line on its daily chart despite the breakout.

The technical outlook suggests that recovery might take some time as the bears dominate the price. Both demand and accumulation have decreased in the daily timeframe.

While MATIC currently sits above an important resistance, the absence of buyer support could lead to a significant loss in value before any recovery occurs on the daily chart.

If the bears exert further pressure, MATIC will likely resume sideways trading, fluctuating between $0.81 and $0.84. The uncertainty in the Bitcoin price movement, as it fluctuates from $27,000 and retraces from that level, has impacted altcoins, weakening their respective price action. The MATIC market capitalization has fallen, indicating a higher level of selling activity than buying activity.

MATIC Price Analysis: One-Day Chart

MATIC

At the time of writing, MATIC was trading at $0.86. It successfully surpassed the $0.84 resistance level in the short term, but buyer sentiment remained weak. The coin’s next significant resistance is $0.87, and breaching this level could initiate a recovery trend.

However, if sellers persist, the altcoin could drop toward $0.81 and potentially below $0.80. The key for the bulls to regain control of the price lies in MATIC, staying above $0.86 in the upcoming trading sessions. The trading volume of MATIC in the last session was low, indicating a lack of buying strength.

Technical Analysis

MATIC

MATIC faced challenges in generating strong buying support throughout April and May, resulting in reduced demand. The Relative Strength Index (RSI) indicated a decline, with the indicator remaining below 40, highlighting the dominant presence of sellers in the market.

Furthermore, the price dropped below the 20-Simple Moving Average (SMA) line, indicating that sellers were driving the price momentum. However, if MATIC surpasses the $0.87 level, it will trade above the 20-SMA line.

MATIC

In contrast, the altcoin exhibited buy signals on the daily chart, albeit with a diminishing size and strength. The presence of green histograms on the Awesome Oscillator indicated buy signals for the altcoin, reflecting price momentum and potential reversals.

Additionally, the Bollinger Bands, which measure price volatility and the likelihood of price fluctuations, remained narrow and wide. However, the bands had a slight convergence, suggesting that the price may not undergo significant volatility or fluctuation in the immediate trading sessions.

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MATIC Price Prediction: Polygon Recovery Faces Many Hurdles

MATIC price is recovering from the $0.95 support zone. Polygon might rise further but there is a major barrier forming near the $1.080 zone.

  • MATIC price is attempting a recovery wave above the $1.00 resistance against the US dollar.
  • The price is trading below $1.10 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.975 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $1.008 resistance zone.

Polygon’s MATIC Price Faces Resistance

In the past few days, Polygon’s price saw a steady decline from well above $1.12. MATIC declined below the $1.00 support to move into a bearish zone.

A low is formed near $0.952 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.980. Besides, there was a break above a key bearish trend line with resistance near $0.975 on the 4-hour chart of the MATIC/USD pair.

The price is still trading below $1.10 and the 100 simple moving average (4 hours). It is now facing resistance near the $1.008 level or the 23.6% Fib retracement level of the downward move from the $1.191 swing high to the $0.952 low.

If there is an upside break above the $1.008 resistance level, the price could continue to recover. The next major resistance is near $1.08 or the 50% Fib retracement level of the downward move from the $1.191 swing high to the $0.952 low.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

A clear move above the $1.08 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.15 level or $1.20.

More Losses in MATIC?

If MATIC’s price fails to rise above the $1.008 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.98 level.

The main support is near the $0.95 level. A downside break below the $0.95 level could open the doors for a fresh decline toward $0.88. The next major support is near the $0.82 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now near the 50 level.

Major Support Levels – $0.98 and $0.95.

Major Resistance Levels – $1.008, $1.08, and $1.12.

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Polygon Exchange Supply Spikes, More Downtrend Incoming?

On-chain data shows the Polygon exchange supply has seen a sharp spike recently, something that could lead to a further downtrend for the asset.

Polygon Exchange Supply Rises As Whale Makes 60 Million MATIC Deposit

According to data from the on-chain analytics firm Santiment, around 7.92% of the entire MATIC circulating supply is on exchanges now. The relevant indicator here is the “supply on exchanges,” which measures the percentage of the total Polygon supply that’s currently being stored in the wallets of all centralized exchanges.

When the value of this metric rises, it means the investors are currently depositing a net number of coins into exchanges right now. Since one of the main reasons why holders may transfer their MATIC to these platforms is for selling-related purposes, this kind of trend can have bearish implications for the price of the cryptocurrency.

On the other hand, decreasing values of the indicator imply withdrawals are taking place on exchanges currently. Such a trend may be a sign that investors are accumulating the asset at the moment, and hence, can be bullish for the price in the long term.

Now, here is a chart that shows the trend in the Polygon supply on exchanges over the last few months:

Polygon Supply on Exchanges

As displayed in the above graph, the Polygon supply on exchanges (colored in red) has seen a sharp jump during the past day, suggesting that these platforms have received a large amount of the asset.

In total, this inflow spike saw around 60 million MATIC entering the wallets of the exchanges. The source of this deposit looks to have been a single whale entity, which is in fact one of the largest holders of the cryptocurrency.

The cryptocurrency transaction tracker service Whale Alert has also caught the transfer and has revealed that the transaction was coming from a wallet attached to the Polygon staking service, and its destination was the cryptocurrency exchange Binance.

After this inflow, the MATIC supply on exchanges has risen to around 7.92%, which is a five-week high for the indicator. From the chart, it’s visible that this spike has only come after the cryptocurrency’s price has taken a sharp hit.

Generally, whales make such deposits to sell when prices are high. However, the odd timing of this deposit may be a sign that this humongous holder thinks the decline would only extend in the near term, hence why they have decided to sell here.

This would only be true, of course, if the whale truly intends to sell with this deposit. It’s possible that the transfer has only been made to utilize some of the other services offered on platforms like these, in which case, the price would probably feel only a neutral effect from the deposit.

MATIC Price

At the time of writing, Polygon is trading around $0.96, down 17% in the last week.

Polygon Price Chart

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MATIC Below Key Support Levels: What’s Next?

MATIC had been consolidating between $1.4 and $1.8 until it faced bearish pressure and declined. Over the last week, it depreciated nearly 16%, with a 6% dip on the daily chart. The technical outlook indicated bearish price action, with a drop in demand and accumulation.

Major altcoins also struggled to surpass their resistance levels as Bitcoin corrected itself. MATIC is currently stable on its local support line, but it broke two crucial price floors, suggesting that bears could dominate upcoming trading sessions.

A further round of bearish pressure could cause bears to take over entirely, causing MATIC to fall through its local support line. On the daily chart, the altcoin’s market capitalization indicated a negative change, implying that sellers were taking control.

MATIC Price Analysis: One-Day Chart

MATIC

The altcoin had struggled to maintain its value above $1 and dropped to $0.98. The overhead resistance of MATIC was $1.02, but due to a consistent decrease in demand, buyers lost confidence in the asset. If the price can break above the $1.02 resistance level, it may reach $1.06 and recover the bullish momentum.

However, if the price falls below $0.98, the local support line is at $0.96, and if the altcoin’s value drops further, it may break through the support line and trade around $0.90 before seeing any recovery. The last session showed a red volume bar, suggesting a decline in buying pressure on the daily chart.

Technical Analysis

MATIC

The recent rejection at the $1.14 level resulted in a swift exit of buyers from the market. The Relative Strength Index (RSI) dropped below the halfway mark, suggesting that sellers were dominating over buyers at the moment.

The same reading also indicated that MATIC went below the 20-Simple Moving Average (SMA) line, indicating an increase in selling pressure and that sellers were driving the price momentum in the market.

Breaking above the resistance could enable MATIC to surge past the 20-SMA line, thereby strengthening the bulls’ position.

MATIC

MATIC has started to form sell signals on the one-day chart in alignment with other technical indicators, indicating a potential dip in price. The Moving Average Convergence Divergence, which indicates price momentum and trend changes, formed red histograms connected to sell signals for the altcoin.

Additionally, Bollinger Bands, which suggest price volatility and fluctuation, have opened up, suggesting that MATIC may experience more price volatility in the near future. The broader market strength is also important for MATIC, as it can influence the altcoin’s price movement. Overall, the current technical outlook of MATIC appears bearish.