Polygon Price Surges Amid Market Crash

    At the time of writing, Polygon (Matic) is trading at $0.5037, according to CoinMarketCap. While MATIC is still down significantly from its December 2021 high of $2.92, amid the current bear market, it has been one of the sharpest rebound in this week. Polygon (Matic) has jumped over 30% in the past few days and 26% in the last 24 hours.

    The reason behind the price increase of Matic is believed to be the achievement of carbon neutrality by the project. In a recent note, WazirX Trade Desk shared: “Polygon(MATIC), recently achieved carbon neutrality(a balance between emitting and absorbing carbon). This has led to a surge in MATIC price in the last few days, jumping up by 30%. The hourly trend for MATIC has broken out of the ascending triangle pattern. The next resistance is expected at $0.73 level.”

    “Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception”, the blockchain company said in an official blog post on June 21.

    Source: CoinMarketCap

    Meanwhile, some reports suggested that the MATIC price increase was due to investors accumulating MATIC tokens despite the general downtrend. From a technical point of view, MATIC/USD looks likely to continue to rise in the coming weeks but traders still need to be cautious as whale buying is not necessarily a bullish signal. A further price rally could also prompt whales to flip MATIC for a quick profit.

    The global crypto market cap continues to remain sluggish as top cryptocurrencies, including Bitcoin, are struggling to move higher. Bitcoin is currently trading under $21,000 while the global crypto market cap is around $900 billion.

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