The price of Polygon’s MATIC token saw a brief pullback over the weekend, dipping below $0.80 after rising to new multi-month highs last week. However, MATIC remains firmly bullish, quickly bouncing back above the $0.85 support level.
Keypoints
- MATIC price saw a dip over the weekend but remains in an uptrend above key support levels
- On-chain data shows whales are still accumulating MATIC, indicating strength in the uptrend
- Next resistance levels for MATIC are at $0.97 and $1.19
- Polygon ID Release 5 launched, enhancing credential issuance and expanding the identity ecosystem
- MATIC price outperformed the broader market following the Polygon ID release, rising over 8%
On-chain data reveals that whale wallets holding between 1 million and 100 million MATIC increased their holdings since October 19th. This suggests that larger players remain confident in MATIC’s continued upside potential despite the weekend correction.
Additionally, the mean coin age for MATIC is trending higher, signaling ongoing accumulation. MATIC’s bullish market structure on the daily chart remains intact, with the next key resistance levels at $0.97 and the psychological $1.00 level.
Beyond price action, Polygon announced the official launch of Polygon ID Release 5. This upgrade introduces new features for on-chain credential issuance, allowing the creation of verifiable credentials using both on and off-chain data.
Polygon ID Release 5 also improves the Issuer Node for creating credentials and launches a new marketplace to streamline discovering available credentials. These enhancements underscore Polygon’s goals of fostering a robust decentralized identity ecosystem.
Following this Polygon ID release, MATIC strongly outperformed the broader crypto market, rising over 8% in 24 hours compared to Bitcoin’s 2% gain. This price movement reflects the market’s confidence in Polygon’s ongoing development and expanding capabilities.
MATIC appears poised to continue its uptrend, underpinned by accumulation from large wallet holders. Traders can watch for a retest of $0.97 resistance, with Polygon’s ecosystem growth and protocol improvements likely to drive further upside for the MATIC token.
