Whale Withdraws Over 6 Million MATIC Tokens from Binance: Insights from On-Chain Data

Whale Alert: MATIC Transfer from Binance

Whale Alert, a cryptocurrency tracking platform, recently disclosed in a post that a substantial transfer of MATIC tokens occurred, with 6,999,890 MATIC being sent from Binance to an unknown wallet.

As of the latest update, MATIC was valued at $0.8312, reflecting a 1.51% increase in the last 24 hours.

The cryptocurrency was in the process of challenging the $0.85 resistance level, with potential for further growth to $1.0785.

The transaction took place following a positive 24-hour gain for MATIC, which saw its price rise by 1.51% according to CoinMarketCap. MATIC was trading at $0.8312 at the time of reporting, contributing to a weekly gain of over 25%.

The transfer of a significant amount of MATIC tokens from Binance is viewed positively by MATIC holders, suggesting that the involved whale has no immediate plans to sell these tokens. This reduced selling pressure may create an opportunity for MATIC to experience short-term growth as traders capitalize on the diminished selling pressure.

Trading Volume Surge

Traders appear to be seizing the opportunity, evident in the more than 58% surge in MATIC’s total trading volume over the past 24 hours, as reported by CoinMarketCap. The estimated daily trading volume for MATIC now exceeds $819.37 million.

Technical Analysis

From a technical perspective, MATIC was actively challenging the $0.85 resistance level at the time of the report. A successful break above this barrier could pave the way for further upward movement, with a potential target of $1.0785 in the coming days. Conversely, failure to close a daily candle above $0.85 within the next 48 hours might invalidate this bullish scenario.

In a more bearish scenario, a pullback to the immediate support level could be anticipated, potentially leading to a MATIC price drop to as low as $0.6830.

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