28,500 Addresses Buy 4.10B MATIC Between $0.99 and $1.08: Analyst

  • The acquired tokens had a price range of between $0.99 to $1.08.
  • MATIC has dropped 3.45% to $1.08 in the past 24 hours.

Polygon, the Layer 2 scaling solution for Ethereum, has gained significant attention from investors and traders alike. On-chain data from ali_charts reveals that over 28,500 addresses have accumulated approximately 4.10 billion MATIC tokens between the price range of $0.99 to $1.08.

According to the savvy analyst, this accumulation has created a strong support level for MATIC/USD cryptocurrency pair. Therefore, according to market watchers, this reveals investors’ confidence in the prospects of Polygon.

However, according to Ali, Polygon still faces a significant supply wall between $1.15 to $1.31, with around 45,300 addresses holding approximately 1.50 billion MATIC. Additionally, breaking through this resistance level would be a significant achievement for the cryptocurrency and could lead to a new uptrend.

Investors will be closely watching to see if Polygon can overcome this hurdle, as it could be a crucial turning point for the cryptocurrency’s price action, according to proponents in the sector. Overall, the on-chain data suggests significant demand for MATIC, and Polygon’s solid fundamentals and growing adoption could pave the way for future price appreciation.

In other recent developments, Polygon has officially collaborated with Wakweli, a Web3 infrastructure protocol that gives certificates of validity for nonfungible tokens (NFT) to enable NFT authentication.

Wakweli is responsible for issuing these certificates of authenticity. As a result of the agreement in question, all of Polygon’s digital assets will be interoperable with the certification system used by Wakweli.

Amid all these developments, the Polygon network’s native token, MATIC, has dropped 3.45% to $1.08 in the past 24 hours, according to CoinMarketCap data. The MATIC/USD pair also has a market capitalization of $9.8 billion at press time.

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