Polygon (MATIC) Likely To Break Resistance With This Adoption News?

Polygon (MATIC) News: Going against its technical progress and price rise in 2022, the recent rally since the start of January 2023 was not as fruitful for Polygon (MATIC). Although the altcoin recorded a significant price rise since New Year’s, it is still not up to the mark when compared with other cryptocurrencies. The year 2022 turned out to be remarkable for Polygon with several successful partnerships and progress on the development front. However, if the crypto rally continues, it is speculated that MATIC price could pick up in coming weeks.

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Gaming Platform Moves To Polygon Network

In a latest, web 3.0 based gaming platform Fractal said it was expanding to the Polygon network. The expansion will allow Fractal based mints, tournaments, marketplace, and studio to be accessed on Polygon. Meanwhile, MATIC is yet to break resistance in the current range at the $1.30 level. According to Crypto Banter, the altcoin is currently trading between the mid level and range high and chances are MATIC could breach resistance. As of writing, the MATIC price stands at $0.999895, up by nearly 1% in the last 24 hours, according to CoinGape price tracker.

On the other side, data from Santiment Insights points to a potential bull trap formation in the current scenario. It is the whale selling activity as the price is on the rise that suggests there could be bull trap at play. In the case of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), the number of addresses holding huge bags of assets are on a decline while the price increased. This could potentially mean that the whales are selling their holdings while price rose.

Also Read: Why Bitcoin (BTC) May Face Selling Pressure Ahead, Hold Or Sell?