Polygon price has spiked remarkably since the past trading day and jumped beyond $1 to reach the high of $1.15 in the early trading hours. After registering a couple of notable collaborations in the recent past, the company has set the crypto space on fire with massive partnerships. Partnering with Reddit, JP Morgan, and Instagram has spiked the MATIC price by nearly 40% in the past 24 hours.
The MATIC price broke out of the downtrend line that it maintained from the time it faced rejection at the beginning of 2022. Presently, the price has risen beyond the loss-making areas and hence a significant upswing may make a way out.
The price as mentioned in the above chart is moving above the downtrend line, surpassing T1, T2, T3 & T4 at $0.98, $1.04, and $1.21. After moving above the crucial resistance at $1.04, the price broke above the bullish ascending pennant and is primed to reach $1.2 in a very short while from now.
MATIC’s volume trends have broken out in the lower time frame, making it a favorite token among whales. The platform saw a surge in whale transactions worth more than $100K, the most since February 2022. It is also worth noting that the mid-October spike was fueled by whales, and as a result, the MATIC price has risen significantly in the last few hours.
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