MATIC Rises in Response to the Whales' Anticipation of the zkEVM

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Since the beginning of the month, MATIC has surprisingly increased in value. The increase in activity on the coin’s blockchain, however, also occurs at the same time as the appreciation. Alicharts also claims that the whales have already spent more than $60 million to amass more MATIC.

In Santiment’s graph, it was evident that the circulation supply of MATIC had significantly increased recently. Although the unexpected rise in activity cannot be attributed to a single factor, the recent announcement of the Polygon zkEVM platform’s mainnet launch date may have piqued the whales’ attention as they await the launch.

Key Polygon Levels To Watch – February 16

Until yesterday, MATICUSD had been fluctuating between the 1.3040 and 0.7500 price levels. The market began the second half of the year 2022 with a massive rally, only to end up converging above the 0.7500 price level.

On December 30, 2022, MATICUSD made a new low, which marked the beginning of a new bullish wave. This bullish wave was later confirmed by the MA Cross in January 2023. The bullish wave continued in line with diagonal support, which eventually led the price out of the consolidation phase.

Polygon Key Levels

Resistance Levels: $2.1000, $1.7500, $1.3040
Support Levels: $0.7500, $0.5200, $0.3200

Total Market Capitalization: $1.12T
Polygon Market Capitalization: $12.74B
Polygon Volume: $1.14B
Market Rank: #9

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