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Can Polygon (MATIC) price break above this resistance with the number of active addresses increasing by 88%?

Polygon (MATIC) price has seen a steady rise over the past monthWhich caused the altcoin to rise by more than 50%.

This increase could slow down somewhat now that it is faced... MATIC PRICE A critical barrier that could reverse the upward momentum if crossed.

Polygon finds support with increase in active addresses

While many altcoins have been able to chart an upward trajectory by leveraging other cryptocurrencies, MATIC has achieved the same with the help of its holders. These investors have maintained their bullish momentum through their on-chain activity.

Indeed, the average number of active addresses, that is to say those carrying out transactions on the network, increased by 88%, from 1,719 to 3,232. This is proof of increased attractiveness on the marketInvestor Confidence In alternative currency, this results in high participation.

Active addresses of the polygon. Source: Santiment
Active polygon addresses. Source: Feeling

Second, the native Polygon coin has seen an increase in buying by investors. Over the past week, the exchange's supply index, which reflects the total supply of MATIC coins across all exchanges, has declined.

Investors purchased nearly 59 million MATIC worth $70.2 million, indicating that the uptrend is expected to continue for some time. This could help Polygon price overcome the momentum shift it might witness due to the $1.18 resistance level.

Polygon offer on exchanges
Polygon offered on the stock exchange. Source: Santa Claus

MATIC Price Forecast: Challenge the Rise

Polygon price saw On the 3-day chart there is a slight correction Over the past 48 hours, this has slowed and slowed the upward movement. After the altcoin faced the resistance level of $1.18, which it last tested in April 2023.

Considering the market situation and investor interest, as well as the circumstances mentioned above, Polygon price appears to be on track to surpass the $1.18 level and continue rising. Flipping this resistance into support will allow MATIC to reach $1.30 and record a yearly high.

MATIC/USDT 3-day chart. Source: TradingView
MATIC/USDT 3-day chart. Source: Trading View

However, the possibility of a rebound in MATIC to $1.18 cannot be ruled out, given its failure in April last year. If this happens, Polygon price will likely fall to $1.05, a 10% correction.

If this support level is also lost, the bullish outlook will be invalidated, MATIC price could lose critical support level $1.

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الأسواق,تحليل المضلع (MATIC)