Polygon (MATIC) surprises with a 20% increase in 24 hours

While MATIC struggled to offer good price developments to its investors despite a favorable context, things got interesting over the last 24 hours. Against all expectations, the crypto recorded an increase of 20%. The famous billionaire Mark Cuban, however, catalyzed investor fears with his significant transfer of $MATIC tokens.

MATIC explodes in value and exceeds the dollar before the end of the year: what is happening?

While MATIC had a slim chance of surpassing the dollar before the end of the year, it did so in less time than it takes to say over the past few hours. Its rise will not even have been hampered by the transfer of $2.9 million in MATIC tokens by Mark Cuban which only caused it to fall by 5% for a short while.

The movement of this large quantity of funds will have had the merit of crystallizing the hopes of bullish investors to see $MATIC above the dollar . On the other hand, the community has difficulty understanding this increase which does not follow any announcement or any news which could have created such enthusiasm.

Whales buck the trend by investing heavily in MATIC

In reality, this increase is explained by a massive accumulation of whales from December 16. Big crypto addresses have accumulated more than $55 million in tokens in just a few days.

In this graph from the Santiment site , we notice that the number of addresses owning between 1 and 10 million tokens has made a significant leap forward. If this accumulation persists and the whales continue to invest massively, MATIC could well confirm the dollar as a support level and test its next resistances.

Can MATIC take advantage of this unexpected rise and confirm the dollar as a support level?

According to the Twitter account “ Ali ”, MATIC has the potential to increase to the price of $1.73 . The latter said on December 21 that Polygon was facing a massive rampart of addresses (39,000 addresses) holding 4.24 billion $MATIC in the range between $0.79 and $0.84.

For him, the only solution for $MATIC to be able to engage in an uptrend was for it to break this resistance with “conviction”. And this is precisely what happened for MATIC which also broke upwards its symmetrical triangle located at $0.96.

So far, things are looking better than expected for MATIC. However, it will be necessary to monitor that the selling pressure does not accelerate and does not cause MATIC to fall below the dollar. At the time of writing, the crypto reached its peak of $1.08 and is currently falling with a price of $1.04.

We notice that its RSI reached its lowest level at 2 p.m. with a score of 23, but has risen to reach 42 for the moment. Bears and bulls will surely battle in the coming hours to determine the future trend of MATIC.

If you want to know more about this crypto, read our review on MATIC by going to our dedicated article.

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