On-chain data reveals that over 28,500 addresses have gathered about 4.10 billion MATIC tokens within the price range of $0.99 to $1.08 per token. This accumulation, which, according to the sources, has reinforced the support level of the cryptocurrency, suggests that investors are enthusiastic about Polygon’s future. Even if there are around 45,300 addresses that contain a total of 1.50 billion MATIC, Polygon is still dealing with a significant supply constraint between $1.15 and $1.31.
Several participants in the business believe that breaking over this level of resistance might signal a significant shift in the direction that the cryptocurrency price will go. On-chain data suggests a significant demand for MATIC, and given Polygon’s solid fundamentals and growing use, the potential exists for further price rise in the foreseeable future.
A new surge in Polygon is imminent
Investors will be keeping a close eye on Polygon to see whether it can get through this challenge because if it can, it might kick off a new surge in the asset value. Other recent developments include the establishment of formal cooperation between Polygon and Wakweli, a Web3 infrastructure protocol that enables the authentication of nonfungible tokens (NFT) by issuing certificates of validity for the tokens.
The agreement between Polygon and Wakweli will result in all of Polygon’s digital assets being compliant with Wakweli’s certification system. This move is essential because it both increases the value of NFTs and encourages investors to utilize them by increasing investors’ confidence in the validity of the NFTs. This relationship is taking place at a time when NFTs are being used in the bitcoin business on a widespread scale.
MATIC is recently bearish
According to the data compiled by Coinmarketcap, the value of the native token of the Polygon network, known as MATIC, has declined by 3.45% to $1.08 in the previous 24 hours. Despite the recent drop, the MATIC/USD currency pair now has a market capitalization of $9.8 billion as of publishing.
Polygon has seen remarkable development and has already established itself as one of the top Layer 2 scaling solutions for Ethereum due to its low transaction fees and lightning-fast transaction rates. A considerable quantity of MATIC currency has been accumulated at a number of addresses as a direct result of the coin’s popularity among traders and investors.
Polygon’s credibility can only be bolstered by its strategic partnerships with well-established companies in the industry, such as Wakweli, which also provide additional advantages to the ecosystem Polygon operates in. As a result, Polygon is in an excellent position to continue down its current expansion path. Investors will pay careful attention to its progress over the coming several months.