Polygon Price Predictions: EIP 1559 Upgrade Spurs Whale Buying Spree

There could be bullish Polygon price predictions on the horizon following the anticipated implementation of the EIP 1559 upgrade on the Polygon network. This upgrade will allow Polygon to burn MATIC tokens over time, which is expected to produce a supply-restricted price increase.

The upgrade also allows investors to purchase MATIC on the Ethereum blockchain. Consequently, there has been some massive whale action within this time, with one whale purchasing nearly 7.5 million MATIC tokens in several transactions. WhaleStats reports that this whale has a little above 10.2million MATIC tokens.

On the daily chart, this purchase seems to have slightly impacted price direction, with the MATIC/USDT pair gaining 1.82% as of writing. 

Polygon Price Prediction 

The day’s uptick came off a bounce on the ascending trendline that connects the price lows from mid-November to date. This sets up a potential run towards the 2.200 resistance mark. Above this level, 2.438 serves as an additional price target to the north.

On the other hand, a decline below the ascending trendline brings the support zone at 1.946/1.877 into the picture as an additional support target. Only when this support zone is breached can 1.716 become the new target. 1.434 is an additional pivot that is currently out of reach.

MATIC/USDT: Daily Chart

Follow Eno on Twitter.