Polygon (MATIC) Whales Accumulate 59M Tokens, Signaling Potential Bullish Rally

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.

Whales have shown interest in the Polygon network, accumulating over 59 million Polygon tokens in the last 48 hours, according to crypto analyst Ali Charts.

This significant buying pressure could trigger a bullish rally. The MATIC price also increased during the same period, suggesting that the token's bull run is being driven by large investors.

Technical Analysis of Polygon Price Over 1-D Timeframe

At the time of writing, the MATIC price was trading at $0.573, up 1.28% in the last 24 hours. The market capitalization was $1.28 billion, and the 24-hour trading volume was $8.11 million.

The Polygon crypto price has been declining within a channel for the past few months. The chart structure showed a breakout from this channel with a 30% gain in a week. After the breakout, the price gained bullish momentum and moved above the 200-day EMA.

A bullish move can be seen if the price manages to sustain above the 200-day EMA. Resistance to the bullish rally could be found around the crucial level of $0.750. Once the price breaks through the $0.750 level, a bullish trend can be expected.

If the price encounters resistance at this level, panic selling could occur. A bearish momentum can be anticipated once the price loses the 200-day EMA.

Turning to the technical indicators, the token price breached key moving averages. The MACD and Signal line entered the positive territory with green histograms indicating a bullish outlook.

Polygon's TVL Rises Above $1B After a Rebound in August

The chart indicates that by the end of 2023, the Total Value Locked in the Polygon ecosystem had seen a drastic decline. It dropped below $1 billion by the end of 2023, having started the year at levels well above $1.5 billion, indicating a sharp decline in network activity and liquidity.

However, beginning in August 2024, there was a renewed interest and investment in the Polygon ecosystem. The TVL continuously remained above $1 billion by the end of 2024.

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 been consolidating between $0.54 and $0.56, indicating increased buying pressure with the momentum appearing 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.

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.