Polygon Network Activity Surges to New Heights Amid Whale Buying Spree

Polygon's network activity has surged to new heights, processing over 7.95 million transactions in a single day - its highest daily count this month. This significant increase in transaction volume is attributed to the launch of payment infrastructures on the network, which now supports over 5,000 payments per second.

The rising network activity has also been accompanied by an influx of capital from whales, who have been buying up Polygon tokens (POL) over the past few days. According to Arkham, a wallet deposited $310K in USDC into FalconX and then purchased 6 million POL tokens worth $474K at an average price of $0.07899.

The surge in network activity has led to a rise in Polygon's price, with a 5% gain over the past 24 hours before retracing slightly. The altcoin has also broken above a horizontal resistance level at $0.08135, which had previously kept it in a sideways range. Analysts believe that if the price stays above this level, it could reach a target of $0.09511.