Polygon (MATIC) has begun to exhibit strength in price action compared to the rest of the market.
For example, while the rest of the market has only moved to the upside by a few percentages over the last 24 hours, the price of Polygon is up by 17.71%.
The cryptocurrency has also broken through the upper resistance of its daily Bollinger bands, making it one of the most bullish cryptocurrencies in the market over the last day.
So far, Polygon seems to have no intentions of stopping and has blazed past the $1 mark. At the time of writing, the cryptocurrency is worth about $1.133 and has seen a 61% trading volume uptick with a $9.9 billion market cap.
Recently, the list of companies and corporations using Polygon's underlying technology has grown exponentially. Polygon is ranked as one of the best-performing assets for the latter half of 2022.
Asides from Instagram's adoption of Arweave, the blockchain-based data storage system for storing digital collectibles, the social media giant has adopted Polygon as well for its upcoming Non-Fungible Token (NFT) utilities that allow Instagram's users to mint, collect and store NFTs on and off the social media platform.
JP Morgan, on the other hand, has taken one of the most concrete steps to the mainstream adoption of blockchain technology in traditional financial operations. The banking firm has successfully used Polygon to conduct its first $71,000 live trade on a public blockchain.
Other firms considering Polygon adoption include Disney with its 2022 accelerator program, Starbucks for its NFT loyalty program, and Robinhood with its web3 Polygon wallet.
Santiment, a platform that gathers crypto intelligence based on off and on-chain metrics, in a tweet, mentioned Polygon.
In Santiment's tweet, the market-intelligence platform noted that $100,000+ whale transactions had hit an all-time high since 11 February. They also noted whale MATIC holdings spiking by as much as 10 million MATIC in mid-October may have foreshadowed this.
Santiment also notes that since Polygon's largest addresses (holding 10 million or more MATIC) saw a sudden jump, the cryptocurrency price has continued to grow.
The $1 resistance on Polygon has remained unbroken since June 2022. Since breaking this level to the downside in May, the cryptocurrency fell to a yearly low of $0.32.
Over the last day, since rising from a $0.7 low, the cryptocurrency has now breached the $1 resistance and appears to be heading to the next support zone, around $1.3.
The RSI on the daily chart shows that the cryptocurrency has crossed over into overbought territory. It also forecasts an increased likelihood of a retracement on Polygon's part.
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