Leading Ethereum layer-2 scaling solution Polygon (MATIC) extends its rally into Thursday, climbing higher as large investors or whales buy into the crypto with increasing enthusiasm. At the time of writing, MATIC/USD is trading at around $1.382.
Over the past week, MATIC’s price has strengthened by more than 35%, buoyed by the optimistic mood in the wider crypto sector. But it’s not just the positive mood towards cryptocurrencies that has supported the bullishness in Polygon’s native token lately; it has also gained because of the continued interest in the DeFi and NFT sectors.
Polygon’s attractiveness and rising adoption rates have caught the attention of large investors, with the number of whales – addresses holding between 100k to 10 million MATIC tokens, growing by almost 10% since late July. The hike in buying interest in the crypto is likely to strengthen the latest uptrend further in the near term.
Over the past week, the number of daily transactions on the Polygon network have also been steadily rising. The total number of daily active addresses also registered a sharp rise by almost 500,000 on Wednesday alone. Increased activity on the blockchain network also drives up the value of the MATIC token and could support its bullish mood.
Key Levels to Watch
On the H4 price chart of MATIC/USD, moving averages and the MACD are suggesting a strong bullish bias. Although, the momentum indicator reveals some selling interest as well.
MATIC’s price has broken past the pivot point at $1.094 and crossed the first and second resistance levels $1.183 and $1.285 respectively. The next hurdle buyers are likely to encounter is at $1.477 soon before it crosses the key $1.50 level.