Polygon (MATIC) Jumps Another 6% As Whales Show High Activity
09 Novembro 2023 - 12:00PM
NEWSBTC
Polygon has continued its recent bullish momentum in the past day,
jumping a further 6%, as on-chain data shows the whales are highly
active currently. Polygon Is Now Up More Than 21% In The Past Week
The past month has been a great time for Polygon investors as the
cryptocurrency has observed a substantial uplift. Earlier in this
period, the growth had been slower, but recently the asset has
really stepped up. Here is a chart that shows how MATIC’s rally has
looked over the last 30 days: Looks like the value of the asset has
seen an explosion during this period | Source: MATICUSD on
TradingView With the latest leg in the surge, Polygon has reclaimed
the $0.80 level for the first time since July of this year. Earlier
in the day, the coin had spiked to as high as $0.84, but since then
it has registered a pullback towards the current price levels.
Related Reading: Dogecoin In Tight Zone: Why A Rally Will Happen If
DOGE Clears $0.076 Nonetheless, even with the retrace, the asset is
up a net 6% during the last 24 hours. As it stands, MATIC’s profits
of 21% in the past week are among the best in the sector, with only
Chainlink (LINK) showing a better performance inside the top 20
assets by market cap. It would appear that the whales may be
playing a major role in this latest rally if on-chain data is
anything to refer to. Polygon Whale Transaction Count Is At
Elevated Levels Currently As pointed out by the on-chain analytics
firm Santiment, whales have been quite active in the market
recently. The relevant indicator here is the “whale transaction
count,” which keeps track of the total number of Polygon
transactions that are carrying at least $100,000 in value. The
below chart shows the trend in this MATIC metric over the past few
months: The value of the metric seems to have been quite high in
recent days | Source: Santiment on X As displayed in the above
graph, the Polygon whale transaction count has been at high levels
recently. To be more particular, the whales have been making more
than 161 transactions per day, which is the highest the metric has
been since July. Generally, high activity from the whales can be a
predictor of volatility, as a large number of moves of these
humongous holders together can have the power to move the market.
Naturally, such volatility can take the cryptocurrency in either
direction, as the whale transaction count metric merely tells us
about the number of transfers that the whales are making, and not
whether these are buying or selling transactions. Related Reading:
Solana Whale Deposits $11M In SOL To Binance, Bearish Signal? In
the chart, Santiment has also attached the data for another metric:
the combined supply held by the 100,000 to 10 million MATIC
addresses. As is visible in the graph, the sharks and whales have
been accumulating since 24th October, suggesting that their buying
may have been providing support to the rally. The supply of these
key holders may be one to watch for in the coming days, especially
given the high transaction activity that the whales in particular
are making currently. If the indicator observes a significant
drawdown, then it would be a sign that the group has decided to
take their profits. Featured image from Todd Cravens on
Unsplash.com, charts from TradingView.com, Santiment.net
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