Price Analysis

Polygon Price Prediction for March 2022, Will MATIC Price hit $2 in Q1?

Author: Sohrab Khawas

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    Story Highlights
    • Polygon platform in the recent times worked on strengthening its core, not being impacted with the market trends

    • After facing a fresh breakdown from the strong support, the asset showcased its strength with a gigantic flip, but weather the uptrend could escort the price towards $2 is still misty

    The crypto space is currently undergoing a minor roller coaster ride as the assets are rising high to hit the resistance levels but eventually failing to sustain. Irrespective of whether it is Bitcoin, Ethereum, Cardano or Polygon, most of the assets are manifesting the same trend.

    For instance, the Polygon(MATIC) price just slides below the crucial levels but quickly got back above these levels. Therefore, the asset could now maintain a strong uptrend that may uplift the price towards the crucial resistance but the Polygon bulls may face exhaustion very soon. 

    As mentioned in the chart, the MATIC price just underwent a u-shaped recovery after sliding below $1.405. However, currently swinging just above the support levels, the bears have become pretty alert. And hence trying hard to drag the price lower. However, in the short-term, the asset is extremely bullish. A decent break out from the next resistance at $1.52 is approaching. And hence this may be the reason, why ETH whales are accumulating MATIC at a large scale.

    According to the platform that records the ETH whale transfers, MATIC has surpassed AAVE in terms of accumulation done by them. The platform indicates the use of the Polygon smart contracts by the whales has increased by more than 1.78%. Moreover, the 24hr change in accumulation records a huge spike of 263.58% which is much ahead of ETH, AAVE, SHIB or MANA. Such huge accumulations point out towards a gigantic rally awaiting head for the MATIC price. 

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