MATIC has a firmly bullish bias, and a retest of $0.95 is likely to see the coin rally higher once more.
Some of the on-chain metrics pointed toward the likelihood of rising sell pressure on the token.
Polygon [MATIC] breached the critically important $1 resistance level on 26th December. It ascended as high as $1.09 and was going through a pullback at press time. This was good news for MATIC bulls.
AMBCrypto recently reported that zkEVM’s network activity dropped despite the rising TVL. The futures market reflected robust bullish sentiment in recent days, and that trend could continue should MATIC defend the $0.95-$1 support zone.
The MATIC market structure showed large gains could be imminent
Source: MATIC/USDT on TradingView
The one-day chart has formed higher lows and higher highs after 23rd December. The token traded within a range (purple) that extended from $0.934 to $0.722 since mid-November. Hence, the recent breakout spelled bullish intent.
The OBV was in an uptrend and t
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