Polygon (MATIC) price forecast amidst strong whale activity

Polygon (MATIC) gained over 7.40% over the past day, with its impressive recoveries taking the alt to heights never touched since July 2023, amidst ongoing rallies in the overall cryptocurrency market. Alongside the significant gains over the past months, crypto whales have steadily accumulated MATIC tokens.

The alt changed hands at $0.8163 at press time, up 22% over the last seven days. Meanwhile, on-chain stats show wealth wallets have accumulated MATIC within the past few weeks.

Santiment pointed out that massive whale activity catalyzed the altcoin’s uptick to $0.81. Addresses holding 100K – 10 million tokens have scooped 42.88 million Polygon assets since 24 October. The positive developments saw MATIC's market capitalization increasing by over 54% within three weeks.

MATIC price forecast

Polygon’s current outlook suggests potential uptrend continuation by the altcoin. MATIC seems ready to soar towards its target at $1. Its latest upswing saw the crypto overcoming the multi-month downtrend that had engulfed its price actions.

MATIC bulls seem to have what it takes to push MATIC 25% up – from $0.8166 (current price) to the 50% FIB retracement zone of the price dip between 18 February and 11 September. The Fibonacci level stands at $1.0289.

However, buyers should increase their activity to surpass the huddle at $0.9028 to extend the uptrends to the projected target.

Sudden selling pressure that plunges MATIC’s price beneath $0.7468 would ruin the bullish case. Such developments might attract plunges to $0.6921.

Meanwhile, experts believe the bull cycle is around the corner. Bitcoin extended its recent upswing to levels above $36.8K. The bellwether crypto traded at $36,779 at press time after slight corrections.

Popular crypto analyst Michael van de Poppe trusts that the bullish impetus is building up, advising his followers to buy the dip as altcoins pick up the upside momentum. Also, invez.com analysis revealed Polygon's buying opportunity amidst the current rally.