According to crypto analytics firm Lookonchain, on December 20th, newly created wallets withdrew 24,860 Chainlink (LINK) tokens worth $3.5 million and 5 million Polygon (MATIC) tokens worth $3.13 million from the Binance exchange.
Polygon’s Exchange Flow
Following the reports, crypto analysts at CryptoQuant analyzed Polygon’s exchange flow and found that the recent accumulation by the new wallet did not counter the significant amount of inflow. During the update, MATIC’s exchange flow remained positive, reaching a recent high of 15.4 million.
This situation could indicate that a significant amount of MATIC tokens entered exchanges, overshadowing the accumulated volume. Conversely, Chainlink was reported to exhibit an accumulation model based on exchange flow. The chart suggested a trend of outflows over the past few days, as indicated by the negative net exchange flow. At the time of writing, the NetFlow was around -411,565. The current trend suggests that holders are maintaining their positions instead of selling.
Current Data on Polygon
An analysis of Polygon’s daily price movement revealed the reason behind the recent increase in exchange flow. The chart showed a recent drop in price over the last few days. The magnitude of this drop became apparent as the price fell below the short-term average, which previously served as a support level around $0.8. At the time of writing, Polygon was trading around $0.7, reflecting a 1.8% increase in value.
Like MATIC, LINK also experienced a drop below the critical area, but the drop was not as pronounced. At the time of writing, the token was trading around $14.4, reflecting an increase of over 2%. Additionally, the relative strength index (RSI) line remained below the neutral line, indicating a downward trend despite the recent price increase. Consequently, on December 20th, the newly created wallets withdrew 24,860 Chainlink (LINK) tokens worth $3.5 million and 5 million Polygon tokens worth $3.13 million from Binance. CryptoQuant’s analysis shows that the new wallet accumulation did not counter the inflow, while the increase in MATIC’s exchange flow indicates significant entries.
