• Polygon [MATIC] offered investors 15% gains on Thursday, 26 January.
• MATIC was trading at $1.1555 at press time and is supported at $1.1252.
• MATIC is supported by whale transactions and long-term holders saw profits.
Polygon [MATIC] has been making waves in the crypto market as of late. On Thursday, 26 January, the digital asset saw a 15% gain as it broke above its 12-day-long price consolidation range. At press time, MATIC’s value was $1.1555, and is supported by the key $1.1252 support level.
The digital asset has been rallying since January. After a two-week price consolidation range of $0.9283 – $1.033, MATIC broke above the range and hit its bullish target of $1.1252. The target was then flipped into an immediate support level. If the $1.1252 support level proves steady in the next few days, MATIC could target its November high of $1.300 – a potential 15% rally.
The Relative Strength Index (RSI) on the 12-hour chart was 66, indicating a bullish MATIC. Therefore, the above bullish bias could be likely in the next few days. But a drop below the $1.1252 support would invalidate the bias. Nevertheless, bulls could find another steady level at $1.0733 in such an event of a downtrend.
MATIC also recorded whale count transactions. According to Santiment data, there were a handful of whale transaction counts above $100K by press time. The historical pattern showed that some whale moves were associated with price surges. As such, it is possible that MATIC could experience another price rally. Moreover, long-term holders saw profits due to the price surge.
Overall, Polygon [MATIC] is on an uptrend, and investors should keep an eye on the $1.1252 support level. If the support holds steady, MATIC could target its November high of $1.300 and offer investors more gains into the weekend.