Polygon (MATIC), which has experienced a 15% increase in price over the past 24 hours, is today one of the most significant winners on the crypto market. NewsBTC reports that MATIC sent a cross signal to the daily charts a few days back.
MATICUSD’s last significant signal was posted on the daily charts. Altcoin experienced a dramatic rally of nearly 13,000%.
MATIC traded in an unreliable channel from mid-July. MATIC’s strength declined after the October 20 golden cross. The explosive rise from the sideways channel, however, was caused by fundamentals.
The price of Polygon NFTs for Instagram by META was increased more than 20% after the META announcement. It was also able to surpass the $1.06 high that it had reached in four months.
Unsurprisingly, after Polygon’s explosive move (MATIC), the RSI is currently at 75 and thus in the overbought zone. The market may see a retest at $1.06, which would be healthy before any rally.
Sanitment, an on-chain analytics firm has now released data showing how whales are outrunning the pumps. 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”.
Polygon Fundamentals Supporting The MATIC Rallye
Polygon (MATIC), most notably, has seen attention from JPMorgan and Instagram with recent announcements. 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.
Polygon also recently broke a record by having 6 million active wallets. This success is largely due to the Reddit partnership.
The following are some of the highlights. listThe list of Polygon’s most renown partners goes on for a long time. You can find them at Robinhood, Starbucks and Walt Disney Co. Stripe.