MATIC Emerges as One of the Top Tokens as Whales Keep Accumulating

MATIC has emerged as one of the most traded tokens by the whales as well as one of the top 10 biggest coins according to CoinMarketCap. In the past few weeks, MATICUSD experienced significant growth even as the majority of other coins have experienced a decline. According to the data provided by WhaleStats, the top whales have suddenly developed an interest in MATIC.

In addition to competing for the top spot among the most traded tokens, Polygon has frequently been on the list of the smart contracts that are used the most. Since the introduction of the zkEVM, which is slated to launch on March 27, 2023, the sudden waking of the whales toward Polygon has been interesting and evident.

Key Polygon Levels To Watch – February 28

Resistance Levels: $2.9200, $2.1000, $1.7500
Support Levels: $1.3040, $0.7500, $0.5200

Following the rejection of the price at the 0.7500 major support, MATICUSD swiftly rose into an ascending channel. According to the MA Cross, the market flipped bullish immediately after the rejection.

The ascending channel has however been broken to the downside as the 1.3040 support fails to reject the price to the upside. The Moving Average Convergence Divergence (MACD) currently indicates a bearish signal as it heads downward.

Polygon key Levels

Total Market Capitalization: $1.07T
Polygon Market Capitalization: $10.73B
Polygon Volume: $0.55B
Market Rank: #10

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