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These Onchain Data Show That Polygon’s MATIC Is on the Brink of Another Major Price Move

Temitope Olatunji

December 21, 2023

Notable crypto analyst Ali (@ali_charts) recently tweeted about increased whale activity on the Polygon network. According to Ali, “There’s a notable surge in whale activity on the $MATIC network. Such significant movements often signal impending price changes. So we could be on the brink of a major #MATIC price move!” This observation comes at an opportune time, as Polygon’s native token MATIC has seen bullish price action over the past couple days.

In addition to the uptick in large wallet movements on Polygon, the network recently achieved a major milestone for adoption and scalability according to crypto personality Goku (@GokuPrimeXBT). In his tweet, Goku stated “#Polygon surges to 2nd Largest TVL, surpassing Ethereum, Solana, and Arbitrum! Major milestone in scalability and adoption.”

This achievement highlights Polygon’s growing prominence in the blockchain space as developers and users flock to the network for its fast and affordable transactions. As more activity flows through Polygon, it strengthens the use case for MATIC and could foreshadow more upside for the token’s price.

Technical Analysis MATIC price has also been bullish for the past two days, showing signs of reversal. It has surged from $0.7 to $0.8 and could continue to rise if fundamentals remain positive. The price represents an over 2% increase in the past 24 hours.

The confluence of on-chain data and positive technical indicators suggest Polygon’s MATIC stands on the brink of another major price move. The increased network activity from whales, general adoption metrics, and bullish technical patterns all signal the potential for MATIC to see significant upside in the near future. Ali and Goku’s tweets lend credence to this narrative and offer credibility from credible crypto voices.

With MATIC price momentum turning positive amidst a backdrop of growing on-chain usage, the stage appears set for the token to continue its ascent. As one quote goes: “The best way to predict the future is to create it.” For MATIC, increased creation on Polygon seems likely to shape a profitable future for holders of its native token.

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• Ethereum Set to Reach $10,000 Soon, Expert Explains Why ETH Is Programmed To Hit That Price
• The Investment Turnaround: Why TRON and Dogecoin Investors Are Flocking to This New Cryptocurrency with 150% ROI?

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