Polygon Sees Whales Stacking Up as MATIC Price Eyes $1

At the heart of the cryptocurrency world, the Bitcoin halving event has taken center stage, drawing the gaze of investors and enthusiasts alike. Amid this fervour, Polygon (MATIC) shines brightly and is recognized as a top-tier digital asset poised to scale new heights in value and adoption.

Whales in the crypto ocean are making waves as they accumulate Polygon’s MATIC token, even as its price struggles below the $0.70 mark. Despite a broader market downturn, these large players are stocking up on MATIC, indicating a bullish outlook on the popular Layer-2 blockchain.

This move comes as the cryptocurrency faces selling pressure, sinking below key support levels. With whales flexing their muscles, the question arises: could their accumulation signal a potential price surge for MATIC in the near future?

Whale Movement: 1.9 Million MATIC Withdrawn from Binance

Polygon’s MATIC token has not been immune to the recent turbulence in the cryptocurrency market. Like many other digital assets, MATIC has faced downward pressure, slipping below the $0.70 support level. This decline is part of a broader market trend of several large-cap altcoins experiencing significant volatility.

Amid the current dip, a major MATIC whale withdrew nearly 1.9 million MATIC tokens from the popular exchange Binance to a decentralized on-chain wallet. Such transactions to on-chain wallets often indicate an increase in holdings, and ZyCrypto verified the public address to confirm that the whale still retains the 1.9 million MATIC tokens.

Bullish Chart Patterns

From a positive perspective, MATIC’s technical analysis indicates the formation of a broadening wedge pattern on its daily charts. 

This pattern indicates increasing volatility and can often precede a significant price movement. If the pattern plays out as expected, MATIC could see a substantial rally in the near term.

According to crypto analyst Scalping on X, this bullish pattern would be confirmed if MATIC closes the day above $0.63, as shown by the lower border highlighted in orange.

MATIC/USDT Technical Analysis; Source: Scalping X

The crypto trader is eyeing a potential rise in Polygon’s price, with expectations set at $0.95 and a further target of $1.29. Notably, MATIC had previously sustained a price above $1 for an entire month, commencing from February 21, 2024, and reattained this level after a minor market correction leading up to April Fool’s Day.

However, MATIC has faced challenges recently, notably with its price dropping to $0.66 amidst the ongoing crypto drawdown influenced by tensions in the Middle East. This drop can be attributed, in part, to MATIC’s correlation with Bitcoin, as it typically moves in tandem with the leading digital asset.

In the next phase, MATIC’s price is poised to surpass its previous peak, driven by a potential breakout in the cryptocurrency space. MATIC’s all-time high (ATH) stands at $2.92, with expectations high for it to breach the $3 threshold in the coming months post-Bitcoin halving.