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Polygon seems to have found a support level that has the potential to keep the asset afloat during market corrections. On-chain data shows that a huge demand wall has formed between the $0.94 and $1.11 price levels, with 49,500 addresses purchasing 4.65 billion $MATIC in this range. This significant demand could potentially serve as a rebound point for the asset in the event of a correction.
Since the beginning of the market rally in January, Polygon has shown remarkable resilience and has gained over 60% in value. In comparison to other cryptocurrencies like Shiba Inu and Solana, Polygon has not yet reversed from its local high and continues to move in an upward trend. This impressive performance has caught the attention of many investors who see Polygon as a promising investment opportunity.
One of the factors contributing to Polygon's stability is the development and growth of its ecosystem. The project aims to provide a more efficient and scalable platform for decentralized applications (dApps) and has attracted the attention of many developers and investors alike. The Polygon network has seen an increase in the number of transactions and dApps built on its platform, which is a positive sign of its growth and adoption.
The support level between $0.94 and $1.11 for Polygon is a promising sign of its potential stability in the face of market volatility and the correction the majority of analysts have been waiting for.
At press time, MATIC is trading at $1.2, gaining around 2.3% to its value in the last 24 hours, making it one of a few assets with a positive price performance on the market in the last two days.
Vladislav Sopov