The crypto space is rising! The bitcoin price is heading towards $37,000! Altcoins are gearing up! These may substantiate the claim that the markets are moving towards the phase of a bull run. In the meantime, one of the popular altcoins, Polygon, has set the markets on fire. By recording constant gains, the token is closer to becoming one of the top-performing assets. 

The token has attracted enough liquidity in recent times to raise trading volume from around $160 million to over $500 million in just a few days. The rise in large transactions can also be considered a prime factor in the rise. This has attracted the bulls and the whales, who have been accumulating the token finely. As per the data from Santiment, Polygon Whales wallets holding 100K to 10M MATIC have accumulated 42.88M coins since October 24. 

The above chart also indicates a rise in the large transaction value of MATIC, which has exceeded $100K. Nearly 50 whale transactions have been registered with a value exceeding $100K in a single day, which is the highest since July. Now that the MATIC price has broken above the falling wedge, is there any chance of a retracement? 

As mentioned above, the MATIC price has broken the falling wedge and been raised finely, setting up a bullish pattern. The upswing has pushed the price beyond the crucial resistance at $0.8. Although bulls appear to be strong, the bearish momentum doesn’t appear to have faded away. Besides, the RSI is hovering within the overbought range, which suggests that the price may undergo a minor outback or maintain a sideways consolidated trend for a while.

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