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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- MATIC was bullish on the 12-hour chart.
- Holders saw gains, and additional gains are likely if a key support level secures.
Polygon [MATIC] offered investors more gains over the weekend. It broke above its 12-day price consolidation range on Thursday, January 26, offering a 15% gain.
Read Polygon [MATIC] price prediction 2023-24
But the rally slowed down after hitting the overhead resistance of $1.1900. At the time of publication, the value of MATIC was $1.1555.
The $1.1252 Support Level: Can It Hold?
Source: MATIC/USDT on TradingView
MATIC’s January rally slowed to two weeks for a price consolation range of $0.9283 – $1.033. But the break above the range saw MATIC reach the upside target of $1.1252.
The previous target became an immediate support level. If the $1.1252 support level holds steady over the next few days, MATIC could target its November high of $1,300, a possible 15% rally.
Is your wallet green? review the MATIC earnings calculator
The Relative Strength Index (RSI) on the 12-hour chart was 66, indicating a bullish MATIC. Therefore, the above bullish bias could be likely in the coming days.
But a drop below the support of $1.1252 would invalidate the bias. However, the bulls could find another stable level at $1.0733 in case of a downtrend.
MATIC Recorded Whale Count Transactions and Holders Enjoyed Massive Gains
Source: Feeling
According to Santiment data, there were a handful of whale transaction counts above $100K at press time. The historical pattern showed that some whale movements were associated with price increases. As such, we could expect another price rally.
Additionally, long-term holders took profit, especially after Thursday’s bullish breakout of the price consolidation range. The above position is based on the 90-MVRV (Market Value to Realized Value) increase.
In particular, the period of price consolidation saw MVRV rest at the neutral line and even fall to the negative side, showing that holders saw losses during the period. A further rally could see holders pocket more profit.
However, the price/open interest divergence at press time, as Coinglass indicates, could delay a strong momentum in the short term. It shows that money left the MATIC futures market despite rising prices.
Source: Coinglass
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