Polygon’s MATIC Soars to $0.81 as Trading Volume Hits $530 Million, Eyes $1 Target

Polygon’s MATIC Soars to $0.81 as Trading Volume Hits $530 Million, Eyes $1 Target

Crypto News – In the past 24 hours, Polygon’s native cryptocurrency, MATIC, has experienced a substantial increase in trading volume, reaching $530 million, as it sets its sights on the $1 mark.

MATIC’s Price Surge

Polygon’s MATIC has recently surged by 7.8%, surpassing the $0.81 mark. This surge has contributed to a weekly gain of 22% and a monthly gain of 45%.

Whale Accumulation on Polygon

On-chain data reveals strong whale accumulation of MATIC over the past few weeks. According to Santiment, MATIC has reached $0.80, marking a remarkable 54% increase in market capitalization in just three weeks. Prominent wallets holding 100K-10M $MATIC have played a significant role in driving this upward trend over the last two weeks.

Breaking the Downtrend

Earlier this week, on November 6th, MATIC’s price made a significant move by breaking free from a 22-month downtrend characterized by a descending trendline. If the current buying momentum persists, MATIC’s price could potentially surge by 15%, targeting the next crucial resistance level at $0.9. Beyond that, MATIC may continue its rally towards $1.0.

Dramatic Increase in Trading Volume

Additionally, MATIC’s trading volume has seen a dramatic increase, reaching $530,650,670, marking a precise 49% surge in the past 24 hours.

Polygon’s New Collaboration

Polygon Labs and the NEAR Foundation have joined forces to collaborate on the development of a zero-knowledge (ZK) prover tailored for WebAssembly (Wasm) blockchains. This zkWasm prover plays a vital role in bridging Wasm-based chains with the Ethereum ecosystem, including the expanding network of Polygon CDK chains.

As part of this strategic partnership, the NEAR Foundation has become a core contributor to Polygon CDK (Chain Development Kit). The zkWasm prover enhances flexibility for developers using Polygon CDK, an extensive set of open-source software components simplifying the creation and launch of ZK-powered Layer 2 solutions on the Ethereum platform.

WebAssembly (Wasm) is a widely adopted framework for executing complex programs within web browsers, offering performance similar to native computer applications and supporting various popular web-based services. In the realm of Web3, the Wasm Virtual Machine also serves as a runtime within blockchain platforms such as Near and Polkadot, distinguishing itself from the Ethereum Virtual Machine.