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Events in the world of cryptocurrency continue to affect prices and investors. The impact of whales on prices, in general, is significant. Once again, a remarkable incident occurred recently that serves as evidence of this.
Polygon (MATIC) Comments
Yesterday, after a MATIC whale transferred millions of tokens to Binance, the price of Polygon (MATIC) visibly dropped. According to a tweet by X shared by the on-chain analysis platform Lookonchain, the whale transferred a total of 10.78 million MATIC to Binance within the last 48 hours, and shortly after, the price of MATIC experienced a 3% decrease.
It is believed that the market value of the transferred MATIC tokens is greater than $5 million. Lookonchain also shared with users in the tweet that the whale still holds approximately 2.72 million MATIC, which is worth about $1.37 million.
The price of MATIC seems to have escaped the movement of a whale that was determined to have caused a 0.07% increase in price, according to 21milyon.com data. Furthermore, the data reflected that the altcoin was trading at $0.5079 at the time of writing. This represented a range between the lowest price of $0.502 and the highest price of $0.5161 within 24 hours.
Polygon (MATIC) Future
This price increase in MATIC’s price may indicate that many people see the low price of MATIC as a buying opportunity. Meanwhile, at the time of writing, the 24-hour trading volume of the altcoin was around $255,232,494, which represented an increase of more than 20% compared to the previous day.
Although things seem to be improving for MATIC, the influence of the whale still appeared significant due to the token’s weekly performance remaining in the negative zone. According to 21milyon.com, MATIC showed a 5.13% decrease in the weekly timeframe.
Technically, MATIC was attempting to retest the significant support level of $0.4890 at the time of writing. If the cryptocurrency’s price falls below this level, there is a risk of dropping to the $0.4450 level within the next few days. On the contrary, if MATIC turns its direction upwards from the $0.4890 support level, it could pave the way for a climb to $0.5700.
