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MATIC Polygon Whales Optimistic, Targeting $1 Price Range

Polygon’s (MATIC) price has been rising since May 17, reaching $0.89 despite struggling to break the resistance at $0.90. Support for the project is growing, particularly with the adoption of the newly-launched ZkEVM Roll-up product, which has reached $28m in Total Value Locked since its release. Additionally, Polygon’s partnership with EA Sports to issue NFTs and digital collectibles through its platform is expected to increase its user base. On-chain data suggests that whales holding between 100,000 to one million MATIC tokens are buying again, indicating a potential for another price rally. Whales’ historical buy/sell patterns have been closely correlated with MATIC price swings, suggesting they could trigger another rally if they continue buying. IntoTheBlock’s Global In/Out of The Money Around Price data shows that while MATIC may face resistance at $0.94, its price could rise further towards $1. However, investors must conduct their own research and consult with professionals before making investments.

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