In the last 24 hours, the cryptocurrency Polygon (MATIC) has shown an impressive growth of 16.8%, allowing it to occupy the 14th place in the overall cryptocurrency rankings. This growth was made possible by the overall market upturn, including the rise in Bitcoin's price to $47,400. Currently, MATIC is trading at around $0.95, surpassing the market capitalization of Chainlink (LINK) and displacing it from the 14th position.

The rise of MATIC can be attributed to a number of factors, including the growing interest in the Polygon ecosystem, which operates on Proof-of-Stake (PoS). On January 9th, crypto analyst Lark Davis noted that the active addresses in the Polygon network exceed the number of addresses in the Solana (SOL) network. Polygon co-founder Sandeep Nailwal emphasized that the increase in the number of active addresses helped Polygon surpass Ethereum (ETH) in transaction volume.

The strong correlation between MATIC and ETH also played a role in the price increase. Currently, the correlation coefficient between these two cryptocurrencies is 0.89. Previous attempts by MATIC to break upwards faced resistance, especially at the $0.84 level, but on January 10th, the bulls successfully overcame this resistance. There is a possibility of overcoming another resistance level at $0.91.

If the price falls below $0.90, MATIC could return to the support level of $0.81. However, a breakthrough above $0.91 could trigger further growth to $0.99 and even to $1. According to the Relative Strength Index (RSI), MATIC is not yet overbought, indicating the possibility of further growth and achieving new annual highs.