Polygon (MATIC) Price Surges Past $1: Are 70% Gains on the Horizon?

• MATIC cryptocurrency surged 18% in 24 hours, breaking the $1 mark, driven by Mark Cuban’s $2.56 million transaction and bullish technical analysis.

• Large MATIC holders accumulated 55 million tokens, indicating positive market trends, while price targets range from $1.15 to $1.52.

MATIC, the native cryptocurrency of the Polygon network, has had a remarkable price increase of more than 18% in the last day, surpassing $1. MATIC’s price has surged from $0.88 to its current valuation of $1.05 due to this unanticipated rally, representing a stunning 20% increase during the stated period.

The notable investment of well-known investor Mark Cuban in MATIC is the source of this increase. Cuban sent $2.56 million worth of MATIC to Coinbase, a cryptocurrency exchange, on December 16. Although the Polygon team hasn’t made an official statement linking Cuban’s involvement to the price spike, it’s clear that his activities have created a lot of talk and interest in the cryptocurrency industry.

American billionaire Mark Cuban (@mcuban) unstaked and deposited 2.82M $MATIC ($2.56M, price: $0.91) to #Coinbase ~6hrs ago.

Notably, he received 2.5M $MATIC (then $4.25M) from the #Polygon Ecosystem Growth on May 24, 2021, and then staked them to earn more $MATIC.

More… pic.twitter.com/vwQiJZkN3O

— Spot On Chain (@spotonchain) December 26, 2023

In addition to this remarkable increase in price, during the same 24-hour period, Polygon’s trading volume experienced an incredible leap of over 170%. The increased trading activity indicates that the market is interested in MATIC.

Polygon (MATIC) Outperforming Market Pressure

With a 10% increase that has helped it cross the $1 barrier, Polygon’s MATIC has shown a strong performance despite the current market pressure affecting several other cryptocurrencies. With its current price of $0.99, MATIC has surpassed Tron (TRX) to take the 12th spot among cryptocurrencies. The new increase in price brings MATIC’s weekly gains to a noteworthy 30%.

Technical experts are keenly observing the price activity of MATIC, and the charts point to an important development. MATIC’s price has decisively broken above the $1 threshold. Should it be able to hold its current position, MATIC may be preparing for a 70% increase soon.

Technical Analysis Signals Potential Upside

Cryptocurrency analyst Ali Martinez, renowned for his insights, highlights MATIC’s breakout from a symmetrical triangle pattern. According to Martinez, the key to sustained bullish momentum lies in achieving a weekly candlestick close above the $0.96 threshold. 

#Polygon is on the verge of a breakout from a symmetrical triangle. A sustained weekly candlestick close above $0.96 could propel $MATIC towards $1.73! pic.twitter.com/IZQHpSuqO6

— Ali (@ali_charts) December 26, 2023

If this level is successfully maintained, it could pave the way for a substantial upward movement, potentially pushing MATIC towards the $1.73 price level. This analysis paints an optimistic outlook for Polygon’s MATIC, indicating potential bullish momentum if critical levels are breached.

According to the analysis, if MATIC keeps going in the same direction, it might aim for greater goals at $1.1527 and even $1.5184. It’s important to recognize the erratic nature of crypto markets, though. Should a bearish trend emerge, MATIC may retreat to lower support levels, perhaps reaching $0.4213 or $0.0556. Investors should take precautions by putting a stop-loss strategy below $0.55.

Whale Accumulation Signals

Over the past week, Polygon whales have displayed strong accumulation behavior, referring to addresses holding between 1 million and 10 million MATIC tokens.  On December 16, these whales added a substantial 55 million MATIC tokens to their holdings, now worth over $44.5 million. As the cryptocurrency recovered from $0.765, this accumulation ended simultaneously as MATIC’s price corrected.

These powerful investors’ past activities have served as important predictors of shifting market trends. Rallying markets have frequently coincided with their accumulation, while declines have matched their selling endeavors.