- Polygon experienced a sharp uptrend of over 6% in the past day, surpassing the $0.85 mark.
- On-chain analysis highlighted a crucial resistance zone between $0.79 to $0.84.
- MATIC successfully broke through this significant resistance level, suggesting potential for further upward movement.
Polygon (MATIC) surged impressively within the last 24 hours, marking a remarkable uptrend of over 6%. The surge led Polygon to break past a critical resistance level, catapulting its value beyond the $0.85 mark.
One of the key focal points in assessing Polygon’s journey was the on-chain analysis, which pinpointed a significant resistance zone between the $0.79 to $0.84 range.
#Polygon is currently up against a tough supply wall, ranging from $0.79 to $0.84. In this zone, around 39,000 addresses are holding over 4.24 billion $MATIC.
For #MATIC to embark on a journey to new heights, it’s crucial to break through this level with conviction. pic.twitter.com/iWTGNrZYFz
— Ali (@ali_charts) December 21, 2023
This range was deemed crucial due to the considerable number of investors, approximately 38,570 addresses, holding around 4.24 billion MATIC within this bracket. Analysts often emphasize the impact of investor behavior within such ranges, especially when the price revisits these levels, as it often influences market reactions significantly.
Breaking through this particular resistance zone holds substantial implications for Polygon’s future trajectory. It signifies a notable achievement for MATIC as it successfully surpassed this obstacle, potentially opening doors for further upward movement. The significance lies not only in the breakthrough itself but also in the reduced on-chain resistance levels observed post-surge.
The successful breach of this formidable resistance level is seen as a positive sign for Polygon’s bullish momentum. With fewer dense resistance ranges to hurdle above the current price, analysts and investors are eyeing the possibility of a sustained upward trajectory for MATIC. This breakout has left observers eagerly awaiting how Polygon’s price action will unfold from this point onward, given the diminished on-chain resistance at higher levels.
