MATIC, the native cryptocurrency of Layer 2 solution polygon has managed to regain the $1 psychological level amid the current market recovery. Within a week, the coin price surged from $0.92 to $1.067 registering a growth of 16.68%. With the bullish momentum intact, the polygon price is nearing a bullish breakout from the key resistance of $1.09. Should you enter this breakout?

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Is Polygon Price Ready To Sustain Above $1

Polygon Price| Tradingview

The Polygon coin reverted from its last correction trend in late January when the price rebounded from the $0.71 support. A V-shaped recovery backed by increasing volume projected sustainable growth and surged price by 46% to trade at $1.

In the same period, Polygon Futures Open Interest witnessed a significant increase of 117%, escalating from $202.1 million to $438.68 million. Growth in this metric highlights increasing adoption of the network and interest for market participants toward the asset.

MATIC Futures Open Interest| Tradingview

This fundamental growth coinciding with the broader market recovery sets the MATIC price for higher recovery. An analysis of the daily chart shows a symmetrical triangle pattern that carries a sideways trend in this altcoin for nearly two years.

Under the influence of this pattern, the Polygon price should lead the current recovery to the overhead resistance trendline, indicating a growth potential of 25%.

However, a breakout above the triangle pattern will signal a better confirmation of recovery.

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Whale Moves $13.6M in MATIC to Binance, Will its Impact Recovery?

Whale Alert, a cryptocurrency transaction tracking service, reported a significant transfer of 13,094,113 MATIC, valued at approximately $13.6 Million, from an unidentified wallet to Binance. This notable transaction could impact MATIC’s market dynamics, as large movements to exchanges often precede selling pressure or strategic positioning by major holders.

13,094,113 #MATIC (13,691,692 USD) transferred from unknown wallet to #Binancehttps://t.co/iMv85xMTGe

— Whale Alert (@whale_alert) February 27, 2024

Thus, if the supply pressure persists at the overhead trendline, the polygon coins could prolong the sideways trend.

Exponential Moving Average: The fast-moving 20-day EMA will offer trades at suitable support to maintain the recovery trend.
Vortex Indicator: A bullish crossover between the VI+ and VI- hints the buyers are the dominant force in this asset.