Polygon (MATIC) Reports Massive Whale Accumulation, Price At $1.2 Soon?

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October has proved exciting for Polygon despite the fact that the overall crypto market was struggling under immense bearish pressure. The month began with the launch of Polygon’s new zk-EVM public test net, which claims to address the scalability issues along with many other developments on the network.

What Happened to the @0xPolygon Ecosystem in October

Let's take a look at the highlights of this month's events pic.twitter.com/OHIpcSQ3RT

— Polygon Daily (@PolygonDaily) November 2, 2022

Now, November is proving to be the month for altcoins, as several major tokens are flourishing with the recovery, which has been led by Polygon’s MATIC. The main reason for this is the whale transactions, which have spiked in the last few days.

At the time of writing, Polygon (MATIC) is selling at $1.12 after a surge of 16.47% over the last 24 hrs and 23.53% over the previous seven days.

Polygon (MATIC) Price Jumps By 15%

On October 3, as per the analytic firm, Santiment, there was a record of more than $100k transactions in just a day- something that had not been seen since February.

As mentioned above, the Polygon network has been undergoing some critical developments since October. The latest one comes with the announcement of preparing the network to create and sell NFT for Instagram creators. It’s also been said that Instagram’s first NFT marketplace will be launched on the Polygon Blockchain, which means the social media platform will mint NFTs on the Polygon network. Interestingly, Meta is also working towards its plan to add support for Solana blockchain and Phantom wallet in the coming days.

Another factor that has pushed MATIC’s price action is that JP Morgan, one of the largest banks in America, has implemented its trade with the help of the Polygon blockchain. The firm has issued 100,000 tokenized Singapore dollars on the Polygon network using Aave decentralized finance protocol.

Now, if the bulls hold on, the immediate resistance for MATIC lies near $1.20 and if the currency fails to spike, the support area is around $1.10.