Institutional Interest Surges as Polygon MATIC Continues Bullish Run Towards $0.90
Crypto News – Polygon’s native cryptocurrency, MATIC, is on an impressive rally, surging by another 9% and inching closer to the $0.90 mark. On the monthly chart, MATIC has broken out of a downward trending channel, signaling the start of a major uptrend.
Institutional Participation on the Rise
Over the past week, Polygon’s price has surged by more than 27%, driven by substantial whale accumulation, as MATIC joins the broader altcoin market rally. In the last month alone, MATIC’s price has skyrocketed by an astonishing 70%.
Crypto market analysis platform IntoTheBlock has reported a significant increase in institutional and whale interest within the cryptocurrency sector. Notably, Polygon, known for its Ethereum scaling solution, has experienced an astounding 3,800% surge in transactions exceeding $100,000 over the past 30 days.
Positive Developments in the Polygon Ecosystem
In other positive developments, the Polygon ecosystem is flourishing. Immutable, a Web3 gaming platform, has announced a new partnership with Ubisoft, a renowned video game creator and publisher. This collaboration aims to create innovative gaming experiences, unlocking further potential within the Web3 space.
Noteworthy MATIC Token Transfers to Coinbase
Whale Alert, through a series of posts on X (formerly Twitter), disclosed the transfer of over 55 million Polygon (MATIC) tokens to the Coinbase (COIN) exchange from undisclosed addresses. The rapid and substantial volume of these transfers raised concerns, often suggesting an intention to sell when tokens are moved from external sources to exchanges.
However, these transactions have failed to push down the price of MATIC, as the cryptocurrency swiftly surged to $0.87 at the time of writing.
Circulation and Strong Buying Activity
An on-chain analysis using Santiment data reveals a significant increase in the utilization of MATIC tokens between November 5th and 9th. During this period, MATIC witnessed a price surge from $0.69 to $0.85. Contrary to tokens being introduced into the circulating supply, this uptick in usage indicated strong buying activity in the market, preventing any decline in MATIC’s value.
Although circulation subsequently decreased, the current count of circulating MATIC on the Polygon network has risen to 119.96 million. With ongoing accumulation and the potential for a return to November 9th circulation levels, there is speculation that MATIC could reach $1.