Rally

Polygon

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/polygon-matic-surges-amid-market-pressure/" data-wpel-link="internal">Polygon (MATIC) Surges Amid Market Pressure</a> 
While the rest of the crypto market is under strong selling pressure, <a href="https://en.coin-turk.com/polygon-matic-faces-tough-short-term-outlook-amid-regulatory-concerns/" data-wpel-link="internal">Polygon</a> (<a href="https://en.coin-turk.com/polygon-matic-price-analysis-bearish-pressure-and-bullish-expectations/" data-wpel-link="internal">MATIC</a>) made a significant breakout by rising 10% and crossing the $1 level. At the time of writing, MATIC is trading at $0.99, up 8.5% in the last 24 hours, surpassing Tron (TRX) and taking the 12th spot on the list of largest cryptocurrencies. Amidst this price rally, MATIC’s weekly gain has exceeded 30%, and technical indicators point to further increases. 
<h2 style="text-align: justify" id="strong-technical-analysis-suggests-continued-matic-price-rally-strong">Technical Analysis Suggests Continued MATIC Price Rally</h2> 
According to the technical chart, MATIC is currently experiencing a strong breakout above $1. If the altcoin continues to stay above this level, it could rally by 70% or even more. 
Famous crypto analyst Ali Martinez mentioned MATIC in his latest analysis, highlighting that the altcoin is showing a tendency to break out from a symmetrical triangle formation. According to Martinez, if the altcoin consistently closes a weekly candlestick above $0.96, it could trigger a significant upward movement, potentially pushing the price towards $1.73. This analysis presents an optimistic outlook for Polygon, suggesting a serious rise on the horizon if certain key levels are surpassed. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-294476" src="https://coin-turk.com/wp-content/uploads/2023/12/MATIC-Polygon-Altcoin.jpeg" alt="" width="2233" height="1452"> 
If MATIC follows the path outlined by Martinez, it must first overcome the resistance at $1.2517 and secure this level before targeting higher prices. On the other hand, if a decline takes place, the altcoin‘s price could fall to $0.5101 or even to $0.3170. To avoid such a steep decline, MATIC must not close below $0.55. 
<h2 style="text-align: justify" id="strong-polygon-whales-accumulating-matic-strong">Polygon Whales Accumulating MATIC</h2> 
Over the past week, Polygon whales have been observed strongly accumulating MATIC. Recently, large investors, often referred to as whale-level wallet addresses, have shown a tendency to increase their holdings again after reducing their assets at the beginning of the month. Since December 16, wallet addresses holding between 1 million and 10 million MATIC have increased their holdings by 55 million MATIC, corresponding to over $44.5 million, reaching a total of 930.97 million MATIC. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-294475" src="https://coin-turk.com/wp-content/uploads/2023/12/Polyon-Altcoin-MATIC-Balinalari.png" alt="" width="3840" height="1300"> 
Interestingly, this accumulation coincided with a correction in MATIC’s price, which ended as the altcoin’s price recovered from $0.765. Historically, the actions of these investors have served as an important indicator of market trends, with market rallies following their accumulations and corrections aligning with their selling activities. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/polygon-matic-surges-amid-market-pressure/" data-wpel-link="internal">Polygon (MATIC) Surges Amid Market Pressure</a></h5>

Polygon (MATIC) Surges Amid Market Pressure

Table of Contents

COINTURK NEWS

Other articles published on Dec 27, 2023

Top 10 Altcoins Highlighted by Development Activity

Ark Invest Further Reduces its COIN Holdings

BNB Price Aims To Push Beyond $300, Eyes 20% Hike To $350!

Part II: Explore Zeebu through Insightful Q&A, Curated for the Community!

Mark Cuban's MATIC Moves: What's Next for the Polygon Whale?

SNS Airdrop Alert: The Scroll Name Service (SNS) Airdrop: Grab Your $SNS Tokens Now!

Join our free newsletter for daily crypto updates!