Crypto
Polygon Price Rockets 80% in the Month to Date on Whales’ Coattails
Polygon price has been on a strong bullish trajectory in recent weeks, fueled by an increase in whale activity and broader market cues. The digital asset has flipped major altcoins to become the 11th largest cryptocurrency after TRON, with a total market capitalization of $8.8 billion. MATIC has added a staggering 83% in its value over the month to date and climbed by 30% in the past week. The total volume of the asset traded over the last day has increased by 11%.
Optimism Abound
Polygon price has been among the biggest winners in the crypto market rally that started in October. Since then, the altcoin has recorded significant gains, climbing to its highest level since May this year. The rise comes on the back of increased whale activities around the MATIC token as large-scale interest picked up.
On-chain analytics by IntoTheBlock have shown that institutional and whale demand has picked up strongly for the cryptocurrency sector. In this regard, MATIC, the native token of the Ethereum scaling solution Polygon, has witnessed an extraordinary 3,800% surge in the volume of transactions exceeding $100,000 over the past 30 days. The increase in whale transactions may indicate that institutional and large-scale investors are actively buying and selling.
Furthermore, it was revealed that wallets holding 100,000 to 1 million MATIC have amassed over 42.88 million of the token since October 24. Whale transactions from large-scale players tend to influence the market dynamics of a digital asset, explaining the significant uptick in Polygon price in recent weeks.
Notably, the altcoin has equally benefitted from the bitcoin ETF-fueled rally. The broader crypto market has recorded a remarkable recovery in recent weeks on the back of increased speculations regarding the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC). The global crypto market cap has increased over the past few weeks to $1.4 trillion, while the total crypto market volume ticks higher.
Polygon Price Technical Outlook
The daily chart shows that the Polygon price has been on an upswing over the past few weeks, climbing to its highest level in more than six months. During this period, the cryptocurrency has managed to break above the crucial level of $0.800, highlighting the strength of it rally. At the time of writing, the digital currency was trading 8% higher at $0.9530.
Polygon remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. The Moving Average Convergence Divergence (MACD) indicator has also been bullish, supporting the upward movement. The Relative Strength Index (RSI) has moved into the overbought zone, suggesting an increase in selling pressure.
As such, the bulls have the upper hand and are likely to push the price higher in the medium term. A break above the $1.00 level would lead to subsequent gains towards the next resistance level at $1.2945. Conversely, we cannot rule out a drop below the $0.800 support zone which would invalidate the bullish thesis.
MATIC Price Chart
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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