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.