Polygon (MATIC) took a break from its prevailing bearish course, posting one of sharpest rebound in the crypto market this week.
Notably, MATIC’s price has risen to $0.50 this June 23, four days after hitting $0.317, its lowest level since April 2021. This amounts to roughly a 60% gain, surpassing the performances of even Bitcoin (BTC) and Ether (ETH) in the same timeframe.
MATIC/USD daily price chart. Source: TradingView
Nevertheless, MATIC is still down significantly from its December 2021 high of $2.92, coinciding with the overall crypto bear market and a hawkish Fed putting pressure on risk-on assets.
MATIC “in a pretty big accumulation”
Meanwhile, some of its richest investors have been accumulating MATIC tokens despite the general downtrend, on-chain data suggests.
Notably, the so-called MATIC sharks and whales have been