Why is Polygon (MATIC) price up today?
Polygon (MATIC) price is up today, mirroring upside moves elsewhere in the cryptocurrency market as traders assess a mix of fundamental factors.
On July 11, the MATIC price rose 2.32% to $0.75, its highest level in a month — outperforming the crypto market, whose valuation stayed relatively unchanged from the previous day at around $1.14 trillion.
MATIC's intraday gains come as a part of a broader price jump that started after Polygon appointed its former chief legal office, Marc Boiron, as the new chief executive officer (CEO) on July 7. Since then, MATIC/USD has gained nearly 15%.
Boiron's appointment comes more than a month after the U.S. Securities and Exchange Commission (SEC) argued that MATIC is a "security" in its lawsuits against Binance and Coinbase.
Meanwhile, the price gains also appear as Polygon prepares to implement a sequence of network upgrades as a part of its "Polygon 2.0" overhaul. Namely, the establishment of a "decentralized governance" protocol by July 17.
MATIC's price rally on July 11 succeeds a period of strong whale accumulation.
For instance, the supply of MATIC held by entities with balance between 10 million and 100 million tokens has increased by more than 1% in July so far.
That coincides with a drop in the supply held by the 1 million-10 million MATIC cohort. In other words, some whales from the 1 million-10 million MATIC cohort accumulated tokens in July and became part of the 10 million-100 million MATIC cohort.
From a technical perspective, MATIC looks prepared to undergo sharp price declines in July.
As of July 11, the Polygon token was testing a resistance confluence comprising its 50-day exponential moving average (50-day EMA; the red wave), a support-turned-resistance horizontal
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