Polygon Price: MATIC Price hits 4-Month High Above $0.80 Amid Polygon Whale Accumulation

Polygon’s native cryptocurrency MATIC has joined the broader crypto market rally with its price surging by 7.8% and shooting past $0.81. With this, MATIC has extended its weekly gains to 22% and monthly gains to 45%.

Polygon Whale Accumulation

On-chain data shows that whale accumulation of MATIC has been going strong over the past few weeks. As reported by Santiment, Polygon’s MATIC has climbed to $0.80, experiencing a 54% surge in its market capitalization within just three weeks. Over the past two weeks, the prominent wallets holding 100K-10M $MATIC have played a significant role in bolstering this upward trajectory.

Earlier this week on November 6th, Polygon’s coin price made a significant move by breaking free from a 22-month downtrend marked by a descending trendline. Should the ongoing buying momentum continue, MATIC’s price could potentially surge by 15%, aiming for the next crucial resistance area at $0.9. Beyond this, the MATIC price could further rally to $1.0.

Also, the MATIC trading volume has surged dramatically, reaching $530,650,670, marking a precisely 49% increase over the past 24 hours.

Polygon’s New Collaboration

Polygon Labs and NEAR Foundation have joined forces to collaborate on the development of a zero-knowledge (ZK) prover tailored for Wasm blockchains. This zkWasm prover serves as a crucial link between Wasm-based chains and the Ethereum ecosystem, including the expanding network of Polygon CDK chains.

As part of this strategic partnership, the NEAR Foundation has become a core contributor to Polygon CDK (Chain Development Kit). The zkWasm prover further enhances the flexibility for developers using Polygon CDK, a comprehensive set of open-source software components that simplifies the creation and launch of ZK-powered Layer 2 solutions on the Ethereum platform.

WebAssembly (Wasm) stands as a widely adopted framework for executing intricate programs within web browsers, thus providing performance akin to native computer applications and underpinning various popular web-based services. In the realm of Web3, the Wasm Virtual Machine also functions as a runtime within blockchain platforms like Near and Polkadot, distinguishing itself from the Ethereum Virtual Machine.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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