Polygon’s native MATIC token has seen a remarkable one-day price surge of over 20%, breaking the symbolic $1 price threshold.
Keypoints
- MATIC price surged over 20% in 24 hours to over $1
- MATIC trading volume spiked 170% in 24 hours
- MATIC broke out of symmetrical triangle pattern, potentially targeting $1.73
- Polygon whales accumulating, added 55M MATIC tokens last week
- Bullish momentum could continue if MATIC holds above $0.96
- Recent ecosystem growth and developments driving adoption
MATIC’s trading volume spiked by over 170%, indicating surging market interest. The buying pressure combined with positive technical factors has sent its price to highs not seen since last summer. MATIC now stands as the 12th largest cryptocurrency by market capitalization, after recently overtaking TRX.
Experts have been monitoring MATIC’s price action closely, identifying a bullish breakout from a symmetrical triangle formation last week. According to analyst Ali Martinez, if MATIC can sustain a weekly close above $0.96, it opens the door for prices to reach $1.73. This would represent a 70% upside from current levels.
The recent price explosion also coincides with heavy MATIC accumulation from whale investors. Wallets holding between 1 million and 10 million tokens added 55 million MATIC last week, worth over $44 million at today’s prices. The buying spree ended simultaneously with the start of MATIC’s recovery from $0.76. Whale behavior has proven to signal shifting market trends for the cryptocurrency.
Polygon has seen fundamental growth mirroring the price resurgence of its token. The layer-2 network recently achieved a record 7,200 transactions per second during a stress test event. Adoption has boomed thanks to upgrades like Polygon Nightfall, enabling enterprise-grade blockchain privacy, zero-knowledge cryptography, and scalability.
The project also launched Polygon CDK earlier this year, allowing developers to easily build scalable Ethereum-compatible networks. Major partners like EY and DraftKings are already leveraging Polygon CDK to create new blockchain solutions. With platforms like Polygon Miden also on the horizon, promising powerful Ethereum compatibility, the protocol’s ecosystem expansion shows no signs of slowing down.
As both a market leader in Layer 2 scaling and an interoperability platform bridging chains like Ethereum, BNB Chain, and others, Polygon is uniquely positioned to see continued growth in utility and adoption. With MATIC breaking out and marking a new stage of its market cycle, Polygon Hodlers could see their patience rewarded if bullish momentum persists.
The post Polygon’s MATIC Breaks $1 as Whales Accumulate: Where Next? appeared first on Blockonomi.
