Polygon (MATIC) Price Signals Major Breakout From Reversal Pattern as Whales Accumulate

Polygon price is up 6% on Wednesday's U.S. trading session following the general market uptick. The bullish momentum backed by whale buying and the network's address activity surge provides a decisive breakout from the five-month correction trend.

Polygon price soared 6% during Wednesday's U.S. trading session as part of a broader market uptick. The bullish momentum, backed by whale buying and a surge in the network's address activity, helped the altcoin decisively break out of a five-month correction trend. But will the recovery be sustained?

Polygon Price Signals a Major Breakout From a Reversal Pattern

The daily chart for Polygon price showed a steady downtrend since April 2024, forming a falling wedge pattern. The two converging downsloping trendlines served as major dynamic resistance and support.

Bucking the recent market correction, the altcoin price rallied from $0.398 to $0.48 since last week, registering a 22% growth. The recovery can be linked to a recent announcement by Polygon regarding the MATIC token's migration to POL on September 4.

The market reacted positively to this update, and the Polygon price gave a decisive breakout from the wedge pattern. A daily candle closing above the resistance and a 4.6% surge, as follows, indicates an early sign of trend reversal.

With sustained buying, the MATIC price could surge 57% to challenge the $0.7 resistance.

Polygon Network Sees a Surge in Addresses as Whales Brace for MATIC Rally

Despite the prevailing correction, the MATIC supply distribution metric for addresses holding between 100,000 and 1,000,000 coins saw a remarkable rally. The Santiment data showed a recent surge to 830 MATIC, suggesting that larger investors are accumulating the asset in preparation for a further rally.

According to Intotheblock analytics, the number of new addresses in the Polygon network surged from 463 to 725 within a week, while active addresses increased from 1.31K to 2.15K. This significant rise in new and active addresses indicates growing interest and participation in the Polygon network.

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