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Key takeaways MATIC has grown over 20% in the past 24 hours. Buying pressure continues to increase despite recent gains. Polygon may be aiming for $ 1.83 as it faces no resistance to come. Share this article
The native Polygon MATIC token appears to have entered a new upward trend fueled by whales accumulating discounted tokens.
MATIC aims for higher heights
Polygon’s MATIC token is skyrocketing.
The Santiment behavior analysis platform reveals that demand for Polygon is accelerating rapidly. Based on the distribution of the token supply, the number of addresses with 100,000 to 10,000,000 MATICs has increased by almost 9.34% in recent weeks.
About 67 whales have joined the Polygon network since July 20.
The growing number of large investors supporting the Distributed Ledger startup may seem insignificant at first glance. Yet, considering that these whales hold between $ 135,000 and $ 13.5 million in MATIC, the sudden increase in buying pressure is significant.
Source: Santiment
Prices have skyrocketed as buy orders rise. In the last 24 hours alone, MATIC has increased by over 20%, with plenty of room to go further.
Transaction history shows that the only significant supply barrier before Polygon is at $ 1.83. Around this price point, more than 23,500 addresses have already purchased 173 million MATICs.
IntoTheBlock’s Global In / Out of the Money (GIOM) model also reveals that Polygon sits atop a vital barrier to demand. Over 5,000 addresses purchased over 685,000 MATICs between $ 1.21 and $ 1.36.
Source: IntoTheBlock
As long as this wall of support holds, the eighteenth largest cryptocurrency by market cap looks set to continue its uptrend. However, if the $ 1.21 to $ 1.36 barrier is breached, investors should expect a decline towards the next critical demand area at around $ 0.83.
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