Analyst Says Polygon (MATIC) On Brink Of Major Move, Here’s Why
2023年12月22日 - 1:00AM
NEWSBTC
A cryptocurrency analyst has explained that Polygon could be on the
brink of a major move due to a pattern in an on-chain indicator.
Polygon Whale Transactions Have Shot Up Recently In a new post on
X, analyst Ali has pointed out how the whales have shown a notable
surge in activity on the MATIC network recently. The relevant
indicator here is the “whale transaction count,” which keeps track
of the total number of Polygon transfers happening on the
blockchain that exceed a value of $100,000. When the value of this
metric is high, it means that the a large amount of such
transactions are taking place right now. Such a trend is a sign
that the whale entities have an active interest in trading the
cryptocurrency. Related Reading: XRP Whales Show Exchange Inflow
Activity, Bad Sign For Price? On the other hand, the indicator
being low implies the whales are potentially not paying much
attention to the asset currently, as they aren’t making too many
moves. Now, here is a chart that shows the trend in the Polygon
whale transaction count over the past month: The value of the
metric appears to have been quite high in recent days | Source:
@ali_charts on X As displayed in the above graph, the Polygon whale
transaction count has observed a sharp rise in the last few days
and has attained high levels not seen at any point during the past
month. In the chart, Ali has also attached the data for another
version of the metric that keeps track of only the MATIC
transactions that are carrying a value of at least $1 million.
These massive transactions are the ones more likely to move the
market and it would appear that they have also gone up in number
recently, implying that the whales haven’t been shy of moving
around large stacks. “Such significant movements often signal
impending price changes,” explains the analyst in the post. “So we
could be on the brink of a major MATIC price move!” Any volatility
that may arise of this high whale activity, however, could
theoretically go in either direction, as the whale transaction
count only tells us whether the whales are active or not, and
doesn’t contain any info about whether buying or selling is
dominant. Related Reading: Ethereum Retests Breakout Zone, Analyst
Sets $3,500 Target Considering that the transactions have spiked
after the price has registered a significant drawdown from its
recent local top above $0.94, though, it’s possible that the whales
are making these moves to buy at the current relatively low prices.
It now remains to be seen how the Polygon price develops in the
coming days given the high amount of trading activity that the
whales have been participating in. MATIC Price Following the recent
plunge, Polygon hasn’t been moving much in the last few days as its
price has gone rather stale below the $0.80 level. The below chart
shows how the cryptocurrency has performed during the last 30 days.
The price of the coin seems to have gone through a large drawdown
just a while ago | Source: MATICUSD on TradingView Featured image
from GuerrillaBuzz on Unsplash.com, charts from TradingView.com,
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