Polygon (MATIC) Surges 1,453% in Whale Activity: What’s Next for MATIC?

Polygon (MATIC) Sees 1,493.81% Surge in Whale Activity

Ethereum layer-2 scaling solution Polygon (MATIC) has experienced a remarkable 1,493.81% increase in large transaction volume, indicating significant whale activity. Spikes in large transaction volumes suggest heightened activity among institutional buyers and sellers, with large transactions exceeding $100,000.

According to data from IntoTheBlock, Polygon’s large transaction volume surged by 1,493.81% in the last 24 hours, reaching $102.87 million. This translates to 203.98 million MATIC in crypto terms, marking a seven-day high.

MATIC Price Movement and Future Projections

Despite the surge in whale activity, MATIC’s price has barely moved. As of the time of writing, MATIC was up 0.84% in the last 24 hours, trading at $0.511. Looking ahead, a sustained rebound could target the daily moving averages of 50 and 200 at $0.6118 and $0.808, respectively.

If bearish trends return, support is anticipated in the $0.42 range.

Polygon Miden Alpha Testnet v3 Goes Live

In a recent update, Polygon announced that the Miden zkVM rollup, Miden Alpha Testnet v3, is now live. Miden is an innovative zkVM rollup still in the testnet phase, enabling users to generate and execute zero-knowledge proofs, known as client-side proving. This allows developers to create dApps that let users prove their local state, offering sovereignty and significantly higher throughput than conventional systems.

Additional Positive Developments

In other positive news, TON Applications Chain (TAC) is developing a zk-powered layer-2 network with Polygon CDK. This network will connect to the AggLayer, facilitating smooth interoperability and unified liquidity across the TON blockchain ecosystem.