Whales Continue to Accumulate Polygon, Is MATIC Price Rally Beyond $1 Underway?
MATIC price was among the assets which underwent a huge bull run in 2021 and gained massive attention. Ever since the asset dropped hard from the highs, failed to regain its levels. Moreover, the price is discovering new lows since the beginning of 2022 and currently has landed close to the crucial support levels. The Polygon price is feared to drop hard to its pre-bull run levels, with just a wrong move from the current levels.
The prices are constantly been rejected from $0.74 levels for almost a month and hence compelling the price to hover within a narrow range. While the support levels are held pretty strong, the hopes of a decent rebound followed by an upswing are still alive. Additionally, the round of the whales accumulating MATIC from the past a fortnight may induce a significant momentum ahead.
#Polygon | On-chain data shows that addresses holding 100,000 to 1,000,000 $MATIC have acquired more than 20,000,000 #MATIC since May 15. — Ali Martinez (@ali_charts) June 9, 2022
As per the reports, the addresses holding 100K to 1000K MATIC have accumulated more than 20,000,000 MATIC since 15. The accumulation had dropped hard soon after the crypto crash in May 2021 which remained within average levels of around 170 million or below since then. Interestingly, the accumulation after dropping below 160 million earlier has now surged while the price kept on sliding down.
MATIC Price Regains Trader’s Faith!
On the other hand, MATIC’s social engagements just now reached their peak after hovering within average levels throughout the week. This indicates the rising interests of the traders over time that may impact the price to a large extent.
INSIGHT $MATIC social engagements measured hourly hit 18.96M, 1.41K% above the 7-day average. View all @0xPolygon social + market insights with LunarCrush Level 4 access at #polygon — LunarCrush (@LunarCrush) June 9, 2022
Currently, the MATIC price is hovering close to one of the crucial support levels around $0.567 at $0.632. The RSI is heading strongly towards the north which may elevate the prices back above $0.7 at the earliest. However, until the polygon price reaches the important resistance above $0.806, each flip could continue to carry the fear of rejection. Moreover, a drop if slices through the crucial support, then the MATIC price may drastically hit the last point of defence at $0.25.Source