After MATIC’s 20% Gains in 24 Hours, Will Polygon Extend its Bullish Rally?

As the flagship cryptocurrency Bitcoin regains its lost momentum, the global crypto market cap once again stands at the $1T level after adding over 5% in the last 24 hours. Some altcoins like MATIC also saw a healthy uptick due to the larger market’s bullishness. 

MATIC, the native utility token of the Polygon blockchain, added nearly 18% in the last 24 hours.

At the time of writing, MATIC is currently changing hands at around $0.90 with a market cap of $9B. Notably, it is still trading down by 68% from its all-time high. 

MATIC Jumps 65% over the week

In the last 7 days, MATIC has added over 65% as Disney Accelerator selected Polygon as part of their program. This program is designed to discover and support projects that work on augmented reality, NFTs, and other innovative entertainment technologies.

The current price surge comes following the most anticipated announcement by the Polygon team. Recently, the Co-founder of Polygon pledged to give back to ETH, and in the next three days, Polygon will deliver on that.

When we started @0xPolygon, the Ethereum community embraced us. That empowered us to onboard 30k apps and 150M users and become a giant among scaling efforts and alt L1s.

We made a promise to stay committed and give back to Ethereum.

In 3 days, we are delivering on that. 🦄💫 pic.twitter.com/hRBN8DOVF7

— Mihailo Bjelic (@MihailoBjelic) July 17, 2022

Although Bjelic’s tweet gave no hints, there is speculation about the upcoming Polygon Hermez at the Ethereum Community Conference (EthCC) in Paris, scheduled to be held from July 19 to 22.

Polygon Hermez is an open-source zero knowledge (zk) rollup technology. It refers to a protocol method that enables “proof” without revealing the data to the verifier. The Polygon team has been talking about this technology since late January. 

In addition, the Web3Auth has also been integrated with the Polygon Blockchain. This integration is expected to onboard the next billion users on the network with non-custodial wallets.

 Simultaneously, with this price spike, MATIC’s address activity is also increasing. As per Santiment, the number of active addresses on the Polygon network fell below 4862 when the price tapped the $0.89 price level. On June 10, 2022, the active address amount was 10,500, when MATIC traded at $0.33. This has been a significant recorded decline in active holders.

📊 #Altcoins spent the first half of 2022 seeing market cap gains being flushed rapidly. However, projects like $MATIC have made up for some of its losses quickly, jumping +63% in a week. Address activity is also rising, showing an intriguing divergence. https://t.co/eJ3hMbkE2N pic.twitter.com/cz2gxvaOlL

— Santiment (@santimentfeed) July 18, 2022

BSC whales Prefer Polygon Network

In addition, with this price jump, Polygon manages to get into the tally of top 10 token purchases by the 100 biggest BSC whales. Reportedly, the largest BSC wallets hold over $28.4 million worth of MATIC tokens.

According to Intotheblock, Polygon’s price surpassed the heavy resistance at $0.68. If the bullish momentum continues, the price could break over the $1 level.