Polygon Sizzles After Instagram, JPM Tie-Ups — Eyes 175% Breakout To Hit Record High

Polygon MATIC/USD was among the top three cryptocurrency gainers on Thursday, after the platform announced high-profile partnerships with JPMorgan JPM and Meta Platforms Inc's META Instagram.

What Happened: MATIC is up by 200% since its lowest point on June 19, according to CoinMarketCap. The altcoin has gained 15.65% in the last 24 hours, trading at $1.09 at the time of writing.

See Next: Is Polygon (MATIC) Here to Stay?

The daily chart shows MATIC's cup-and-handle pattern, which occurs when there is a downward wave followed by stabilization and a major rise. The token is now eyeing a decisive breakout to reach $2.89, a 175% rise to its all-time high, as per Cointelegraph.

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Earlier last month, Polygon also outperformed Ethereum ETH/USD by a huge margin in the number of unique addresses. According to Polygon Daily, the number of unique addresses holding Polygon crossed 13 million, whereas Ethereum added 6.8 million users.

Price Action: The apex crypto Bitcoin BTC/USD was trading at $20,311.69, down 0.08%, and Ethereum at $1,542.09, down 0.71%, at the time of writing, according to data from Benzinga Pro.