Ethereum Layer-2 Token Surges 12%, Shrugging Off Mark Cuban's Moves, As Price Tops $1: Analyst Foresees Polygon 'On The Verge Of A Breakout'

Polygon’s native token, MATIC (CRYPTO: MATIC), has recorded an increase of 12% in the last 24 hours, outperforming cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which both experienced a decline of 2% each at the time of reporting.

What Happened: This momentum for MATIC came to the attention of big investors, colloquially known as “whales,” who have been accumulating cryptocurrency. 

Analytical data from IntoTheBlock indicates a more than 25% increase in the holdings of MATIC by whales — entities with holdings valued between $100,000 and $1 million — over the past month.

This comes as entrepreneur Mark Cuban, transferred $2.827 million worth of MATIC to Coinbase on Tuesday, data from Etherscan shows. In cases where large sums are moved to exchanges, there can be concerns about potential sell-offs. 

On the contrary, the trading activity for MATIC has bumped up by 180% in the last 24 hours, with trading volumes hitting the $1.9 billion mark.

After transferring funds to Coinbase, evaluations of the billionaire’s three publicly recognized cryptocurrency wallets on Arkham Intelligence reveal that only an estimated $50 worth of MATIC remains in his possession.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: At the time of writing, MATIC surpassed $1 level, trading at $1.01.

On the technical front, cryptocurrency analyst Ali Martinez provided insights into MATIC’s price trajectory. He said, "Polygon is on the verge of a breakout from a symmetrical triangle. A sustained weekly candlestick close above $0.96 could propel $MATIC towards $1.73!"

Image via Shutterstock

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