In the world of cryptocurrencies, even the slightest movement of big crypto holders creates a ripple effect on the market. Recently, one of the largest Polygon (MATIC) addresses made a significant trade that caught the attention of analysts. On the other hand, analysts warned about the price action of MATIC. Here are the details…
60 million MATIC went to Binance
Santiment, the leading on-chain data provider for cryptocurrencies, shared data for MATIC. The large Polygon address in question moved an astonishing 60 million tokens to the exchange. Whales transferred large amounts of MATIC from Polygon staking and unknown wallets to Binance. 80 million MATIC, worth $78.2 million, went to Binance, again from Polygon Staking. This brought up a great deal of sales speculation. As a result, the network’s stock market supply jumped to a 5-week high of 7.92 percent. Such a move is not uncommon in the cryptocurrency world. However, it still raises concerns about the stability of the market.
🐳 One of the largest self custody #Polygon addresses just moved 60M tokens to an exchange, making the network's exchange supply jump to 7.92%, a 5-week high. Be cautious when whale exchange inflows happen. But note that the whale still owns 3.78B $MATIC. https://t.co/j0OdvJz8Fh pic.twitter.com/U9q59p6Ber
— Santiment (@santimentfeed) April 24, 2023
In particular, analysts warn investors to be careful when whale stock market entries occur. cryptocoin.com As we have reported, whales refer to individuals or institutions that hold large amounts of crypto. Their movements significantly affect the supply and demand of the market. When whales carry large amounts of cryptocurrencies to exchanges, it often signals that they may be willing to sell. This causes the price of the cryptocurrency to fall. However, it is worth noting that the whale that made the final move still has a significant amount of Polygon tokens.
140M $Matic has been transferred to #Binance ⁉️
Is $matic going to dump hard? 🤔
Comment below👇 pic.twitter.com/pgfxoXEbdQ
— EvanLuthra.eth (@EvanLuthra) April 24, 2023
The address still has 3.78 billion MATIC, according to Santiment. This is a positive sign for the long-term prospects of the network. However, the latest move reminds us that the cryptocurrency market is volatile. While the market has seen significant growth and adoption in recent years, it is highly speculative and subject to volatility. As always, investors should do their due diligence. Make informed decisions based on the best available information.
What’s next for Polygon price?
In the meantime, it is useful to look at Polygon price analysis. According to analyst Sahana Vibhute, MATIC price was trading inside a massively widening ascending channel, which is largely considered a bearish divergence. Therefore, a downside retracement was largely imminent, but a rebound from lower support was expected as the market slowly turned bullish. However, the new crash triggered last weekend drove the price down immensely.
MATIC price is currently struggling to prevent an extreme pullback below one of the main $1.05 support levels. Meanwhile, the RSI dips below 40, showing the strength of the bears, which may not be good for a healthy price rally. Therefore, a drop to $0.95 can be expected.
