Cryptocurrency Analyst Highlights Potential Major Move for Polygon (MATIC)
A recent analysis suggests that Polygon (MATIC) is on the verge of a significant development, driven by patterns identified through an on-chain indicator.
Polygon Whale Transactions Surge
In a detailed post on X, analyst Ali has observed a notable increase in whale activity on the MATIC network. The focus is on the “whale transaction count,” tracking transfers exceeding $100,000 on the Polygon blockchain.
High values in this metric indicate a surge in large transactions, signaling active interest from whale entities in trading the cryptocurrency. Conversely, low values may suggest reduced attention from whales, indicating fewer significant moves in the asset.
Here’s a chart illustrating the trend in Polygon whale transaction counts over the past month:
The graph reveals a sharp rise in Polygon whale transaction counts in recent days, reaching levels not seen in the past month. Ali has also provided data for a version of the metric focusing on MATIC transactions with a value of at least $1 million.
These large transactions, known for their market-moving potential, have also increased recently, hinting that whales are actively managing substantial holdings. The analyst notes, “Such significant movements often signal impending price changes,” suggesting a potential major move for MATIC.
It’s important to note that the high whale activity’s resulting volatility could theoretically move in either direction, as the whale transaction count does not specify whether buying or selling dominates.
Given that these transactions have spiked after a significant price drawdown from its recent local top above $0.94, there is a possibility that whales are strategically making moves to buy at the current relatively low prices.
The upcoming days will reveal how Polygon’s price evolves in response to the heightened trading activity among whales.
MATIC Price Movement
Following a recent decline, Polygon’s price has remained relatively stagnant below the $0.80 level. The chart below illustrates the cryptocurrency’s performance over the last 30 days: