Polygon’s MATIC Token Accumulation and Wakweli Collaboration Increase Growth Confidence

Polygon, the scaling mechanism that Ethereum uses for Layer 2, has garnered attention from traders and investors. According to the on-chain statistics from ali_charts, about 28,500 addresses have purchased 4.10 billion MATIC tokens between $0.99 to $1.08 per token.

MATIC bulls gain confidence

The astute researcher thinks that the accumulation of MATIC tokens has built a solid support level for the MATIC/USD trading pair. Market analysts say this indicates investors’ confidence in Polygon’s future expansion.

Ali pointed out that despite the accumulation of MATIC, Polygon is still confronted with a significant supply barrier ranging from $1.15 to $1.31, with around 45,300 addresses holding approximately 1.50B MATIC. According to the experts, if the cryptocurrency can break over this level of resistance, it would be an essential milestone for the market and may trigger a new rally.

Investors will pay careful attention to the approaching challenge since it is widely held within the industry that it will significantly impact Polygon’s price movement. On-chain data suggests a significant demand for MATIC, and the robust fundamentals of Polygon, along with its growing usage, might lead to a future price increase.

Polygon partners with Wakweli for NFT verification

According to recent sources, Polygon and Wakweli have just formed a relationship to enable NFT authentication using Wakweli’s Web3 infrastructure protocol.

Wakweli is in charge of handling all matters about granting certificates of authenticity. As soon as the deal is finalised, Wakweli’s certification system can communicate with every one of Polygon’s digital assets.

Despite the significant progress that has been made, data from CoinMarketCap reveals that MATIC’s price has decreased by 2.31% to $1.09 over the previous 24 hours. In addition, the MATIC/USD pair has had a market value of $9.8 billion since this article was written.