Polygon’s native cryptocurrency MATIC has joined the broader crypto market rally, with its price surging by 7.8% and shooting past $0.81. The coin has also benefited from a strategic partnership with NEAR Foundation to develop a zkWasm prover.
On-chain data shows that whale accumulation of MATIC has been going strong over the past few weeks.
As reported by Santiment, Polygon’s MATIC has climbed to $0.80, experiencing a 54% surge in its market capitalization within just three weeks.
Over the past two weeks, the prominent wallets holding 100K-10M $MATIC have played a significant role in bolstering this upward trajectory.
MATIC Breaks Free from a 22-Month Downtrend
Earlier this week on November 6th, Polygon’s coin price made a significant move by breaking free from a 22-month downtrend marked by a descending trendline.
Trading volume spikes to $530 million, indicating strong buying pressure.
Another bullish indicator for MATIC is the surge in its trading volume, which has reached $530,650,670, marking a precisely 49% increase over the past 24 hours.
This shows that the demand for the coin is high and that the buyers are confident in its growth potential.
The trading volume also reflects the increased activity and interest in the Polygon network, which offers a scalable and secure platform for decentralized applications.
Should the ongoing buying momentum continue, MATIC’s price could potentially surge by 15%, aiming for the next crucial resistance area at $0.9. Beyond this, the MATIC price could further rally to $1.0.
Polygon Labs and NEAR Foundation Collaborate on ZK Prover for Wasm Blockchains
Polygon Labs and NEAR Foundation have joined forces to collaborate on the development of a zero-knowledge (ZK) prover tailored for Wasm blockchains.
This zkWasm prover serves as a crucial link between Wasm-based chains and the Ethereum ecosystem, including the expanding network of Polygon CDK chains.
As part of this strategic partnership, the NEAR Foundation has become a core contributor to Polygon CDK (Chain Development Kit).
The zkWasm prover further enhances the flexibility for developers using Polygon CDK, a comprehensive set of open-source software components that simplifies the creation and launch of ZK-powered Layer 2 solutions on the Ethereum platform.
In conclusion, the recent surge in Polygon’s MATIC price and trading volume has caught the attention of investors and traders.
With the trading volume spiking to over $530 million, the coin is eyeing the next resistance level at $0.9 and possibly $1.0.
Disclaimer: This analysis aims to provide objective insights into possible price movements. Readers should do more research and analysis before investing. Coinscreed and its affiliates are not liable for any damage or loss.
