- Whales have bagged 59M Polygon coins over the past 48 hours.
- The Polygon price has been settling between $0.54 and $0.56 in anticipation of a breakout.
Whales have shown their interest in the Polygon network. They have accumulated 59M Polygon tokens in the last 48 hours. Ali Charts, a crypto analyst, revealed the data.
This significant buying could trigger a bullish rally. The Polygon crypto’s TVL has exceeded $1 Billion. This could lead to potential growth for the next few weeks or months.
During the same period, the MATIC price also increased. This correlation suggested that the token’s bull run was driven by significant buy pressure from large investors.
Technical Analysis of Polygon Price Over 1-D Timeframe
When writing, the MATIC price was trading at $0.573. That has jumped by 1.28% over the past 24 hours. The market capitalization was $1.28 Billion, and the 24-hour trading volume was $8.11 Million.
The Polygon crypto price has declined through a channel for the past few months. The chart structure has displayed a breakout from this channel and has climbed by 30% in a week. After the breakout, the price has gained bullish momentum and has surpassed the 200-day EMA.
A bullish move can be seen if the price manages to sustain over the 200-day EMA. The bullish rally can be disturbed near the crucial level of $0.750. A bullish trend can be anticipated once the price smashes the $0.750 level.
The price has halted near the critical resistance level of $0.570. If the Polygon price faces resistance from this level, panic selling can be seen. A bearish momentum can be anticipated once the price loses the 200-day EMA.
Turning to the technical indicators, the token’s price has smashed the key moving averages. The MACD and the Signal line have entered the positive territory. The histograms have remained green, indicating a bullish forecast.
Polygon’s TVL Rises Above $1B After a Rebound in August
The graph indicated that by the end of 2023, the Polygon ecosystem’s Total Value Locked had drastically decreased. At the end of 2023, it had dropped below $1 Billion, starting the year well above $1.5 Billion. This indicates a sharp decline in network activity and liquidity.
However, beginning in August 2024, there was a resurgence of interest in and investment in the Polygon ecosystem. By the end of 2024, the TVL has continuously stayed above $1 Billion.
MATIC Price Analysis and Forecast
The recent accumulation of over 59 million Polygon tokens by whales signaled growing confidence. That could set the stage for a bullish rally.
The Polygon crypto price has stabilized between $0.54 and $0.56. This showed increased buying pressure; the momentum appears favorable for further growth.
The rising Total Value Locked (TVL) exceeding $1 Billion added to the optimistic outlook for the next few weeks and months. MATIC’s breakout from a declining channel and its ability to sustain above the 200-day EMA suggested a positive trend ahead,
However, resistance around $0.750 could pose challenges. If the price maintains its position above crucial support levels, it could increase market participation and further institutional interest.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
