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. 2022 has been a remarkable year for the polygon with many successful partnerships and development progress. However, if the crypto rally continues, it is speculated that the material price might increase in the next few weeks.

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Gaming Platform Moves To Polygon Network

In one final, web 3.0 based gaming platform Fractal stated that it extended to the Polygon network. The expansion will allow Fractal based mints, tournaments, marketplace, and studio to be accessed on Polygon. Meanwhile, matic still needs to break down the resistance in the current range to the $1.30 level. According to , the altcoin is currently trading between the medium level and the high range and the odds are material could breach the resistance. At the time of writing, the MATIC price is $0.999895, an increase of almost 1% over the past 24 hours, according to the 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 containing enormous bags of assets are going down while the price has gone up. It could mean the whales are selling their assets at a time when the price has gone up.

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