Polygon (MATIC) Price Rallies As Whales Supply The Fuel
Polygon (MATIC) is one of the biggest winners in the crypto market
today, with a 15% price increase over the last 24 hours. As NewsBTC
reported yesterday, MATIC gave a golden cross signal on the daily
chart a few days ago. The last time MATICUSD posted this
significant trading signal on the daily chart, the altcoin recorded
a massive rally of more than 13,000%. Related Reading: MATIC On The
Move After Polygon Tapped By META | MATICUSD November 3, 2022 MATIC
had been trading in a sideways channel since mid-July. After the
golden cross formed on October 20, MATIC showed small strength.
However, the explosive breakout from the sideways channel was
triggered by fundamentals and probably whales scooping up MATIC.
After the announcement that META will use Polygon for Instagram
NFTs, the price soared by more than 20% within one day and was able
to overcome the 4-month high at $1.06. Unsurprisingly, after
Polygon’s explosive move (MATIC), the RSI is currently at 75 and
thus in the overbought zone. A retest of the $1.06 level would thus
be healthy for the market before the rally may find a continuation.
Meanwhile, on-chain analysis firm Sanitment has released data
showing that whales have front-runned the pump. In an analysis,
Santiment said that “a mid-October spike in Polygon holdings by
10m+ $MATIC whales may have foreshadowed this”. Regarding the
recent move, Santiment said that yesterday “marked the highest
amount of $100k+ whale transactions since February for the 11th”.
Fundamentals of Polygon Backing A Continuation Of The MATIC Rallye
Most notably, recent announcements from Instagram and JPMorgan have
turned the spotlight on Polygon (MATIC). However, Polygon’s list of
high-profile partners has been growing fast recently. In
particular, Meta’s announcement caused a stir, as Polygon will be
the very first partner in the NFT space for Instagram, as
Bitcoinist reported. No less sensational, however, was JP Morgan’s
announcement of its first live trade worth about $71,000 on a
public blockchain using Polygon. Related Reading: Polygon Price
Could Aim For These Levels Before The Bulls Wane Off In addition,
Polygon recently set a new record with 6 million active wallets.
Especially the partnership with Reddit has played a significant
role in this success. However, the list of renowned Polygon
partners is much longer. They include Robinhood, Starbucks, Walt
Disney Co, Stripe, eBay, NFL, Circle, Tether, Adidas, Prada, Adobe,
Liverpool FC, Telefonica, Sequoia Capital, ApeCoin, Givenchy,
Bulgari, SportFive, ShoppingIO, Mercedes-Benz Group, BitPay, Axelar
and many more.
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