Briefly –
- MATIC price appears ready to move to $1.63.
- Breaking past this resistance can trigger another bullish run.
- The token’s price will have to maintain over $1.24 for a sustained bullish move.
Polygon (MATIC) seems ready to start a new upside move as the asset builds a crucial bullish pattern. Moreover, whales are accumulating tokens in large numbers.
MATIC Ready for Bull Run
While writing this, MATIC prints an impressive outlook. The token looks to develop a head-shoulder price pattern on the daily chart since the start of June. Currently, the crypto forms a bullish formation that will trigger somewhat sustained upsurges.
Maximized buying pressure to push MATIC beyond the head-shoulder formation can see the asset exploring higher price zones. If bulls dominate to overpower the resistance at $1.63, Polygon might see explosive price upticks towards $2.64.
The bullish targets emerge when one measures the distance between the pattern’s neckline and the head and adding the breakout point distance.
As much as Polygon has not conquered its overhead resistance, Santiment, a behavior analytic firm, states that whales prepare for the asset’s price upticks. The crypto project has had investors’ optimistic, anticipating value increases.
According to the holders’ chart, MATIC has seen buy orders surging over the past fourteen days. Many whales’ addresses have added the positions over the past sessions. That reflects how optimistic investors are for crypto.
Cryptocurrency wallets holding 10,000 – 10,000,000 MATIC have accumulated around 54,370,000 cryptos since 22 August. That translates to MATIC tokens worth over $76 million.
The upside Polygon moves correlated with the stable increase in daily active addresses that hit 7,450 recently. Keep in mind that magnified on-chain activity usually follows buyers’ entry. With these fundaments, MATIC indicates a resurgence of institutional and retail interests. However, volatility might follow.
Meanwhile, with the head-shoulder pattern, Polygon has to sustain its trading actions above $1.24 to support the investors’ optimism. Failure to do that might force recent buyers to trim their holdings as they aim to avoid substantial losses.
Increased selling activities under the support at $1.24 will have MATIC targeting the 200-day MA and $0.92.
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