The Rally of Polygon Network and MATIC Price
The Polygon network is showing strong momentum as the price of MATIC approaches $0.90, marking a 7% increase. On the monthly chart, MATIC has broken out of a downward trend channel and entered a major macro uptrend.
Institutional and Whale Participation
MATIC has joined the altcoin market rally, experiencing a remarkable 26% price increase during a week of significant whale accumulation. Over the past month, the altcoin’s price has surprisingly risen by nearly 70%.
IntoTheBlock, a chain analytics platform, has reported a substantial increase in institutional and whale interest in the cryptocurrency market. Polygon, as an Ethereum scaling solution, has witnessed an extraordinary 3,800% increase in transactions over $100,000 in the past 30 days.
Notably, Polygon has formed a partnership with Ubisoft, a leading video game creator and publisher, through a Web3 gaming platform called Immutable. This collaboration aims to create innovative gaming experiences and unlock the potential of Web3.
MATIC Tokens’ Movement to Coinbase Exchange
Whale Alert, a platform detecting significant movements in blockchains, reported the transfer of over 55 million MATIC tokens from unidentified wallet addresses to the US-based cryptocurrency exchange Coinbase. Despite concerns about the high-volume nature of these transfers, MATIC’s price remains unaffected at $0.8901, reflecting a more than 26% increase in the past 24 hours.
The latest on-chain analysis by Santiment, a leading crypto data platform, reveals a notable increase in the usage of MATIC tokens from November 5th to 9th. This period coincided with a significant price surge from $0.69 to $0.85. Despite the decrease in circulating supply, the number of tokens on the Polygon network increased to 119.96 million.
Considering the ongoing consolidation and the potential return to November 9th circulation levels, speculation is rapidly growing that MATIC could reach $1.
