• Polygon [MATIC] broke out of its 12-day-long price consolidation range on Thursday, 26 January, offering a 15% gain.
• If the $1.1252 support level is secured in the next few days, MATIC could target its November high of $1.300 – a potential 15% rally.
• There were a handful of whale transaction counts above $100K by press time, which could indicate another price rally.
Polygon (MATIC) has seen a surge in interest over the last few days, as the cryptocurrency has broken out of its 12-day-long price consolidation range, offering investors a 15% gain. The breakout occurred on Thursday, 26 January, and has caused a flurry of activity in the market.
The key level to watch now is the $1.1252 support level, which if held could indicate a move higher to MATIC’s November high of $1.300 – a potential 15% rally. The Relative Strength Index (RSI) on the 12-hour chart is currently at 66, indicating a bullish bias and suggesting that the $1.1252 support level could hold. However, if the support level is broken, then bulls could find another steady level at $1.0733 in the event of a downtrend.
Another indicator that could point to a further surge in MATIC’s price is the number of whale transactions counts above $100K. According to Santiment data, there were several such transactions recorded by press time, and the historical pattern has shown that whale moves are often associated with price surges. This could suggest that MATIC holders could be in for further gains in the near future.
Overall, the breakout of the 12-day-long price consolidation range has offered investors a 15% gain, and if the $1.1252 support level is secured then MATIC could target its November high of $1.300. The number of whale transactions recorded could also indicate further gains, making MATIC a cryptocurrency to watch in the coming days.