Polygon Sees Whales Stacking Up as MATIC Price Eyes $1

Polygon Sees Whales Stacking Up as MATIC Price Eyes $1
фото показано с : zycrypto.com

2024-4-19 01:44

At the heart of the cryptocurrency world, the Bitcoin halving event has taken center stage, drawing the gaze of investors and enthusiasts alike. Amid this fervour, Polygon (MATIC) shines brightly and is recognized as a top-tier digital asset poised to scale new heights in value and adoption.

Whales in the crypto ocean are making waves as they accumulate Polygon’s MATIC token, even as its price struggles below the $0.70 mark. Despite a broader market downturn, these large players are stocking up on MATIC, indicating a bullish outlook on the popular Layer-2 blockchain.

Which #altcoins did whales buy after the market dropped?

We noticed a fresh wallet withdrew $17.43M #altcoins from #Binance in the past 3 hours, including:

48,922 $AVAX($1.86M)
621,003 $FET($1.45M)
5.14M $GRT($1.44M)
1.9M $MATIC($1.41M)
532,444 $OP($1.29M)
135,751 $RNDR($1.26M)… pic.twitter.com/peeRi3E3nR

— Lookonchain (@lookonchain) April 15, 2024

This move comes as the cryptocurrency faces selling pressure, sinking below key support levels. With whales flexing their muscles, the question arises: could their accumulation signal a potential price surge for MATIC in the near future?

Whale Movement: 1.9 Million MATIC Withdrawn from Binance

Polygon’s MATIC token has not been immune to the recent turbulence in the cryptocurrency market. Like many other digital assets, MATIC has faced downward pressure, slipping below the $0.70 support level. This decline is part of a broader market trend of several large-cap altcoins experiencing significant volatility.

Amid the current dip, a major MATIC whale withdrew nearly 1.9 million MATIC tokens from the popular exchange Binance to a decentralized on-chain wallet. Such transactions to on-chain wallets often indicate an increase in holdings, and ZyCrypto verified the public address to confirm that the whale still retains the 1.9 million MATIC tokens.

Bullish Chart Patterns

From a positive perspective, MATIC’s technical analysis indicates the formation of a broadening wedge pattern on its daily charts. 

This pattern indicates increasing volatility and can often precede a significant price movement. If the pattern plays out as expected, MATIC could see a substantial rally in the near term.

According to crypto analyst Scalping on X, this bullish pattern would be confirmed if MATIC closes the day above $0.63, as shown by the lower border highlighted in orange.

MATIC/USDT Technical Analysis; Source: Scalping X

The crypto trader is eyeing a potential rise in Polygon’s price, with expectations set at $0.95 and a further target of $1.29. Notably, MATIC had previously sustained a price above $1 for an entire month, commencing from February 21, 2024, and reattained this level after a minor market correction leading up to April Fool’s Day.

However, MATIC has faced challenges recently, notably with its price dropping to $0.66 amidst the ongoing crypto drawdown influenced by tensions in the Middle East. This drop can be attributed, in part, to MATIC’s correlation with Bitcoin, as it typically moves in tandem with the leading digital asset.

In the next phase, MATIC’s price is poised to surpass its previous peak, driven by a potential breakout in the cryptocurrency space. MATIC’s all-time high (ATH) stands at $2.92, with expectations high for it to breach the $3 threshold in the coming months post-Bitcoin halving. 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

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Matic Network (MATIC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
Капитализация $0 Rank 99999
Доступно / Всего 0 MATIC

polygon matic poised asset digital top-tier new

Источник: zycrypto.com

polygon matic → Результатов: 126


Polygon (MATIC) Nears Resistance Level; Whales Eye Avalanche (AVAX) and InQubeta (QUBE), an Emerging AI Altcoin

The crypto scene isn’t short of excitement, from GoDaddy’s recent integration with ENS to Wormhole’s snapshot of its upcoming massive airdrop to Bitcoin hitting $50,000. With the overall market on the rise, altcoins have been gaining traction, with Polygon (MATIC) about to break the $1 resistance level.

2024-2-23 23:00


Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales

Polygon holders were left scratching their heads today as Polygon’s native token MATIC faced selling pressure seemingly out of the blue. The selloff might came on the heels of a report from on-chain analytics platform Spot On Chain, which revealed that wallet address 0xa31 – linked to layer-2 scaling protocol Hermez Network which was acquired […] The post Polygon’s MATIC Price Faces Potential Downturn Due to Major Holder’s Sales appeared first on CaptainAltcoin.

2024-2-17 11:34


Polygon Bulls Form Strong Support, Buys Record $5.8B MATIC at This Price; Cardano (ADA) Poised to Move +20% to Next Resistance

Crypto Analyst @ali_charts posted that most Polygon (MATIC) tokens were purchased between $0. 80 and $0. 86, with 42,000 addresses holding close to 5. 8 billion MATIC in this key demand zone. He notes that given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level around $0.

2023-12-9 10:48


From Polygon NFT Wins To MATIC Gains: Understanding The Connection

Polygon has recently witnessed a remarkable surge in its non-fungible tokens (NFTs) sales volume and the influx of sellers participating in this burgeoning market. This growth in the NFT sector has sparked considerable interest and speculation among investors, prompting many to ponder the potential impact it may have on the price of MATIC, the native cryptocurrency of the Polygon network.

2023-7-22 16:15


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