🚀Polygon surges over 20%, MATIC’s cap overtakes TRON

In the midst of a sluggish cryptocurrency market during the holiday season, Polygon's MATIC has emerged as a shining star, witnessing an impressive surge of over 20% in the past 24 hours.

MATIC Overtakes TRON in Market Capitalization

While major cryptocurrencies like Bitcoin, Ethereum, Solana, and Ripple are facing challenges, MATIC has not only experienced a substantial price increase but has also overtaken TRON (TRX) in terms of market capitalization. At present, MATIC boasts a market capitalization of approximately $10 billion, surpassing TRON's $9 billion.

📈 Whale Activity Drives Momentum

Over the last 5 to 6 days, notable whale activity within the Polygon network has contributed to this remarkable surge. The number of wallet addresses holding MATIC between 1 million to 10 million has increased, adding a net total of 55 million MATIC tokens valued at around $44.5 million. The total MATIC supply now stands at an impressive 930.97 million MATIC.

Technical Analysis and Pattern Breakouts

Apart from whale activity, technical analysis reveals crucial factors propelling MATIC's upside momentum. Breakouts of a double bottom pattern and an inverted head and shoulders pattern on the 4-hour and weekly time frames have been instrumental. A symmetrical triangle pattern breakout on the weekly time frame further adds to the positive sentiment.

As of now, MATIC is trading near $1.05, marking a remarkable surge of over 20% in the last 24 hours. Expert technical analysis confirms the breakout of key patterns, with MATIC currently trading above the 200 EMA (Exponential Moving Average), indicating strong bullish momentum. If this trend continues, there's potential for MATIC to reach $1.5, presenting a 40% upside opportunity.

📈 Stay Tuned for More Updates on Polygon's Soaring Journey!

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