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Over 49K Addresses Purchased 4B+ MATIC at $1.02, Forming Strong Support

Polygon (MATIC) has formed a reliable support base between the $0.94 and $1.11 points as 49,500 addresses purchased 4.65 billion MATIC tokens at the price range, creating a massive demand wall that could serve as opposition against the bears in the event of a downward trend.

Veteran analyst Ali Martinez highlighted the bullish demand wall on his Twitter handle today, citing data from an IntoTheBlock chart.

Besides the massive demand wall between $0.94 and $1.11, the chart reveals another important but smaller support between $1.11 and $1.26. Moreover, the resistance points above Polygon’s current value are relatively weak compared to its support points, placing the asset in a more comfortable position than most assets.

Polygon Polygon $0.57
+6.26%
Polygon
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