MATIC Network launched its latest product in the field of zero knowledge (Zk) on March 27. Since the zero-knowledge Ethereum Virtual Machine (zkEVM) beta launch, projects like Mantis are actively building the Polygon ecosystem.
MATIC Accumulating Whales Can Push Token Price Higher
Whale accumulation is an on-chain indicator that indicates a unified outlook among long-term investors. The accumulation of large wallets indicates a bullish outlook, and analysts refer to this indicator to determine the direction of price trends. matic.
From 100,000 to 1,000,000 in three different segments, MATIC holders are clearly accumulating; 1 million to 10 million and 10 million to 100 million are constantly putting more tokens into their pockets.
MATIC accumulation level. Source: Santiment
This accumulation trend signals a shift in sentiment among long-term holders.It can act as a catalyst for MATIC price recoveryThe fact that the Polygon ecosystem is increasingly dominating society is another factor that could drive the token’s recovery.
Polygon’s social dominance is on the rise
Social media is increasingly referring to matic associated with an increase in the price of the asset. Typically, a spike in social dominance heralds localized peaks, as this chart from cryptocurrency information tracker Santiment shows. An asset’s social dominance metric represents mentions and discussions on platforms related to that asset, and compares searches and posts for its token.
MATIC Price Social Dominance Index. Source: Santiment
Judging by these indicators, social dominance has continued to rise since March 14. The continued rise in social dominance is likely to be a catalyst for social dominance. The price of MATIC.
Another key indicator of increasing MATIC adoption is the increase in unique addresses on the Polygon blockchain. According to Polygonscan, the total number of wallet addresses has exceeded 240 million, and growth is imminent.
Polygon’s unique wallet address.Source: Polygon Scan
As the graph above shows, since July 2021, the number of wallet addresses has been increasing.
Polygon’s zkEVM mainnet beta launch has kicked off a number of projects that are actively building within its ecosystem. Mantis is one such project, about to launch on Polygon’s zkEVM.
MATIC Price Recovery Target
MATIC price is currently in a multi-month uptrend starting in July 2022. The price of the asset has been trading above the trendline, as shown in the daily MATIC/USDT price chart below. .
MATIC price has a key resistance area between $1.06 and $1.30 that needs to be broken in the Polygon uptrend. Once the MATIC price breaks out of this area, the next resistance is between $1.35 and $1.46.
These levels are determined by identifying support and resistance levels for the asset during its downtrend through most of 2021 and 2022.
1-day MATIC/USDT price chart. Source: TradingView
MATIC price targets are the 38.2%, 0.5%, and 61.8% Fibonacci retracement levels at $1.31, $1.62, and $1.92, respectively. If MATIC price breaks below the trendline, a drop to the $1 support is very likely.
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According to FXStreet