Polygon (MATIC) Soars Past $1 with Strong Breakout; Will it See $2?

Polygon (MATIC) is performing really well today, with its price exceeding the $1 mark, a level that has resisted further ascent in the past weeks.Notably, this growth started on December 26, when MATIC broke above the $0.87 resistance.

This breakout fueled the community's optimism and attracted more buyers who started accumulating the coins. With the momentum still very high, people are speculating that the coin's price will go higher, even reaching $2.

Let's review the possibilities.

Expert's View Support the Bullish Sentiment

Recently, a popular crypto analyst, Ali Martinez, shared an optimistic view on Polygon (MATIC). According to the analyst, MATIC is on its way to breaking out from a symmetrical triangle, which is a good sign for the coin.

A sustained weekly candlestick close above $0.96 could propel $MATIC towards $1.73,

Martinez added;

#Polygon is on the verge of a breakout from a symmetrical triangle. A sustained weekly candlestick close above $0.96 could propel $MATIC towards $1.73! pic.twitter.com/IZQHpSuqO6

- Ali (@ali_charts) December 26, 2023

Martinez's analysis implies that if MATIC crosses specific levels, as pointed out in the above chart, there might be more upward moves closer to $2. He highlighted some on-chain reasons" for making such assumptions.

According to him, one sure indicator of the potential upswing is the notable surge in whale activity on the MATIC network.

There are onchain reasons https://t.co/tL3caS30b2

- Ali (@ali_charts) December 27, 2023

The whales might have returned to gather more tokens, and such significant moves usually signal impending upswings or downturns, according to Martinez. If the whales are buying, the asset's price tends to pump.

Therefore, as Martinez has concluded, we could be on the brink of a major MATIC price move."Moreover, analytics platform Santiment revealed that these whale wallets have once again started displaying bullish behavior.

Source: Santiment

Santiment showed that the balance of wallets holding between 1 million and 10 million tokens has increased since December 16. These whales now own an extra 55 million MATIC tokens, which is equivalent to more than $44.5 million.

Altogether, these accounts now control a total of 930.97 million MATIC coins. So, while the price of MATIC was going down, these folks were busy gathering more coins.

MATIC Broke Out from Strong Trendline; What's Next?

The price of MATIC has been on a bit of a roller-coaster movement since the start of December. From the chart below, MATIC started the month trading at $0.77, but surprisingly, the price rose by more than 20% and touched $0.93.

Unfortunately, the price plummeted back to $0.73 as more people started selling off their holdings, possibly for profit.

MATIC is currently trading above its 200-day and 50-day SMA, indicating a strong buying pressure is acting on the price. According to CoinMarketCap, at 7:00 a.m. EST, MATIC traded at $1.05, a more than 18% 24-hour increase.

Further, the coin just broke out above a long-standing resistance of around $0.9. Interestingly, this resistance level will probably flip to become support against further slip-offs, empowering the bulls to push higher.The RSI reading is above 70 right now, meaning the bulls are still very active.

With this kind of upward momentum, the bulls stand a good chance to keep running the price up. However, caution is advised as crypto is volatile and can always crash back down. But for now, the outlook seems promising, and we will see some nice gains if buyers keep the pressure on.

Polygon (MATIC) Best Alternative: Bitcoin Minetrix

>>>Visit Bitcoin Minetrix Presale

The growth in the broader crypto market is all thanks to renewed investor optimism after BTC hit $40,000. Other popular digital assets like Ethereum, Polygon, and even XRP are following the trend. But it seems investors aren't planning on just sticking to the well-known cryptos.

They're searching around for new opportunities that have big growth potential. Surprisingly, the Bitcoin Minetrix seems like one of such coins. The project aims to change the game in bitcoin mining.

While still in presale, Bitcoin Minetrix has raised funds beyond $5.6 million.

Marking another major success for #BitcoinMinetrix!

Surpassing the $5,600,000 milestone! pic.twitter.com/NtuEkIuHA8

- Bitcoinminetrix (@bitcoinminetrix) December 21, 2023

This project is getting a lot of attention from investors. BTC mining isn't the only thing that makes this project special. There are a lot of other cool features in the pipeline.

Bitcoin Minetrix: Easy Bitcoin Mining for Everyone

Bitcoin Minetrix is making Bitcoin mining easy for everyone, letting people enjoy mining profits without needing to buy fancy gear or spend a lot on energy.

All that's required is to stake Bitcoin Minetrix tokens, and you'll get mining rewards. This is like sharing the mining fun with everyone, not just the tech experts with big equipment.

This way, anyone can join in, mine Bitcoin in the cloud, and earn BTC without any tricky obstacles. It doesn't stop there. When you stake your tokens, you get not only mining rewards but also the chance to earn big yields as high as 111%.

Only 24 hours left for #BitcoinMinetrix Stage 15!

Which $BTC use case intrigues you the most and why? pic.twitter.com/d30bsrntjz

- Bitcoinminetrix (@bitcoinminetrix) December 26, 2023

The presale targets $15 million, so there's still ample time for interested folks to join in before the exchange listing kicks off. Notably, this present presale stage will end in a few hours.

And, of course, the price will increase. To avoid missing out, visit the presale website and purchase the token with ETH, USDT, or your bank card.

The post Polygon (MATIC) Soars Past $1 with Strong Breakout; Will it See $2? appeared first on The Tech Report.