Polygon (MATIC) Rises 10 Percent Amid Crypto Market Selling Pressure

MATIC crypto assets have experienced a price spike. (Photo; Doc. Coinculture)

JAKARTA - Polygon crypto asset (MATIC) recorded a significant price increase amid selling pressure hitting the crypto market. MATIC managed to surpass the $1 (Rp15,415) level and rose 10 percent a day, occupying the 12th position on the crypto market cap list.

At the time of writing, MATIC traded 8.5 percent higher at a price of $0.99 (Rp 15,260), and extended its weekly gain to more than 30 percent. For information only, Polygon (MATIC) offers faster, cheaper, and secure scalability solutions than major Ethereum networks. Polygon also supports various decentralized applications (dApps) in the fields of DeFi, NFT, games, and others.

MATIC Price Prediction

A well-known crypto analyst Ali Martinez predicts a MATIC price increase. Martinez highlighted that the MATIC price will breakout from the current price movement pattern, which is a bullish signal. Martinez said that if MATIC could close its weekly candlestick above the level of $0.96 (Rp 14,798), then MATIC could potentially rise to 70 percent going forward, towards a price level of $1.73 (Rp 26,668).

Martinez also gave several target prices and levels of support for MATIC, based on Fibonacci analysis. If MATIC can maintain its upward trend, then MATIC can achieve a price target of $1.1527 (Rp. 17,760) and $1,5184 (Rp23,402). However, if MATIC experiences a correction, then MATIC can drop to a support level of $0.4213 (Rp6,492) or even $0.0556 (Rp 856). Martinez suggested implementing a stop-loss strategy below $0.55 (Rp 8,478) to reduce the risk of loss.

Whale MATIC Movement

In addition to technical analysis, another factor that might affect MATIC prices is the action of billionaire Mark Cuban, known as a crypto supporter. Cuban, who owns the NBA's Dallas Mavericks basketball club, revealed that he has moved most of his holdings MATIC to the Coinbase crypto exchange.

According to a Coingape report, Cuban did not mention the reasons behind this move, but he said he still believed in Polygon's potential as a scalability platform for Ethereum.

Apart from Cuban, the MATIC holders, who are often referred to as whales, have also shown a high interest in MATIC. According to Santiment's crypto analytic data, addresses holding between 1 million and 10 million MATIC tokens have increased their holdings by 55 million MATIC tokens, equivalent to more than $44.5 million (Rp 686.1 billion), since December 16. Currently, these addresses have a total of 930.97 million MATIC tokens, which show strong accumulation.