Whale Alert disclosed that more than 55 million Polygon [MATIC] The tokens have been delivered to Coinbase in three different tweets on X (previously Twitter). [COIN] trade. The transfers originated from unidentified locations, according to the manager in charge of whale tracking.
Concerns were raised, nonetheless, by the tokens’ enormous bulk and quick succession. Tokens that are supplied to exchanges from outside sources almost always have the goal of being sold.
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Nothing can depress MATIC.
In addition, if there are big sales in the long run, they will have a negative impact on the price. The deals haven’t been able to bring down the price for MATIC. The cryptocurrency was trading at $0.83 according to CoinMarketCap at the time of writing.
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This figure showed increases of 63.25% over the previous 30 days and 3.09% during the last 24 hours. The increasing trajectory of many cryptocurrencies was mirrored in MATIC’s movement as well.
However, before to this, there was a great deal of whale activity on the Polygon network. Actually, AMBCrypto spoke about how the spike in whale accumulation led to a rise in the token’s price.
The price increase from $0.78 in the early hours of November 12 on the one-hour MATIC/USD chart suggested that there was more buying power than potential sell-offs. The Accumulation/Distribution (A/D) indicator also showed this.
A big breakout for MATIC is suggested by the A/D line reaching 1.34 billion. Due to a soft distribution, the token’s value has somewhat decreased as of the time of writing.
But if sell orders are simply temporary and accumulation takes hold, it might not be impossible for MATIC to hit $0.90.
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MATIC wants to hit a new peak.
In addition to the A/D, the positive zone has also been reached by the moving average convergence divergence, or MACD. This trend confirms the A/D’s signs of increasing bullish momentum.
Regarding circulation, a surge in MATIC token usage was seen between November 5th and November 9th, according to AMBCrypto’s on-chain study on Santiment. Upon examining the price behaviour closely, it was evident that MATIC increased from $0.69 to $0.85 over this time frame.
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