- Billionaire Mark Cuban unstaked 2.82M MATIC tokens.
- On heavy whale support, Polygon’s MATIC salvages $1.
- MATIC soars 21% in both price and global market cap.
Polygon’s Layer-2 blockchain continues to cross out the remaining tasks in this year’s to-do list, as the L2’s native MATIC coin restored the $1 price levels for the first time since April 22, 2023. The bullish turnaround comes with heavy support from crypto whales – some anonymous and some well-known to the public.
Multibillionaire Mark Cuban unstaked his 2.82M MATIC tokens on Boxing Day. The famed crypto enthusiast, entrepreneur, and owner of Dallas Mavericks initially received 2.5M MATIC tokens back in 2021 from Polygon’s Ecosystem Growth project. Besides, Mark Cuban sent the 2.82M to Coinbase, while MATIC’s price dropped.
MATIC Breaks the $1 Barricade: What’s Next?
While Polygon’s Ecosystem is soaring with developer activity, it’s fair to say that it doesn’t always reflect on MATIC’s price movement. For example, MATIC hovered around the $0.80 price range for most of November despite scoring multiple milestones, including a new all-time high for total value locked (TVL) on Polygon zkEVM.
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On the other hand, the technical perspective points out two scenarios for the altcoin. Certainly, Polygon (MATIC) broke out of the symmetrical triangle today, but professional crypto charters like Ali Martinez see a weekly close above $0.96 as confirmation of a sustained bullish breakout.
In a bearish scenario, the symmetrical triangle pattern could send Polygon (MATIC) back to retest the mid-October levels of $0.55. At press time, the #13 spotted Layer-2 altcoin MATIC trades at $1.06, gaining 21.1% in the last 24 hours. Reaching a half-year high of $1.09, the altcoin still can retest the yearly high of $1.53 set on February 18, 2023.
On The Flipside
- Unstaking tokens and sending assets to an exchange is usually deemed a bearish sign for the involved crypto.
- However, on-chain moves by publicly recognized crypto whales can also draw mass appeal for the token.
Why This Matters
Cryptocurrency whales are often steps ahead of the general market sentiment.
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