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  • MATIC price is bounded inside a symmetrical triangle pattern on the 12-hour chart.
  • The digital asset needs to crack a key resistance level before a massive 37% breakout.
  • The number of whales has continued to increase for MATIC, increasing buying pressure.

Polygon has been trading inside a tightening pattern for the past month and seems ready for a significant breakout as whales have gone into a buying frenzy for the past three weeks.

MATIC price is one barrier away from $0.51

On the 12-hour chart, MATIC has established a symmetrical triangle pattern with its resistance trendline formed at $0.374. A breakout above this critical point will drive MATIC price towards $0.51. A 37% move calculated using the maximum height of the pattern as a reference point.

algo price

MATIC/USD 12-hour chart

This breakout seems likely thanks to a significant spike in the number of whales. Since March 10, the amount of whales holding 10,000,000 or more MATIC coins increased from 31 to 62 and remains in an uptrend.  

matic price

MATIC Holders Distribution chart

Nonetheless, a rejection from the upper boundary of the pattern at $0.374 would be bearish and has the potential to drive Polygon down to the lower trendline of the symmetrical triangle currently established at $0.30. It’s important to note that a breakdown below this point will push MATIC towards $0.20.