Polygon Bulls Form Strong Support, Buys Record $5.8B MATIC at This Price; Cardano (ADA) Poised to Move +20% to Next Resistance

Crypto Analyst @ali_charts posted that most Polygon (MATIC) tokens were purchased between $0.80 and $0.86, with 42,000 addresses holding close to 5.8 billion MATIC in this key demand zone. He notes that given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level around $0.80 holds.

Support Forms for Polygon at Key Level With the price of MATIC currently at $0.92, it appears the key support level noted by @ali_charts around $0.80 has held. This suggests the foundation for a potential bull run for Polygon is solidifying. As long as bulls can maintain this support, Polygon may be gearing up for significant upside.

Cardano Retesting Breakout Levels

In a separate tweet, @rektcapital notes that since its breakout, Cardano (ADA) has rallied +33% and now has a chance to reclaim a key orange level as support. Doing so would enable a move higher via the black path in the chart shared.

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Cardano Building Momentum With ADA currently priced at $0.59 against the breakouts highlighted around $0.40 and $0.53 in the tweet, it does appear Cardano is building momentum. If ADA can turn the orange level at $0.53 to support, @rektcapital sees a move of +20% or more to next resistance around $0.72 as highly possible.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.