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Analyst Says Polygon (MATIC) On Brink Of Major Move, Here’s Why

A cryptocurrency analyst has explained that Polygon could be on the brink of a major move due to a pattern in an on-chain indicator.

Polygon Whale Transactions Have Shot Up Recently

In a new post on X, analyst Ali has pointed out how the whales have shown a notable surge in activity on the MATIC network recently. The relevant indicator here is the “whale transaction count,” which keeps track of the total number of Polygon transfers happening on the blockchain that exceed a value of $100,000.

When the value of this metric is high, it means that the a large amount of such transactions are taking place right now. Such a trend is a sign that the whale entities have an active interest in trading the cryptocurrency.

On the other hand, the indicator being low implies the whales are potentially not paying much attention to the asset currently, as they aren’t making too many moves.

Now, here is a chart that shows the trend in the Polygon whale transaction count over the past month:

Polygon Whale Transaction Count

As displayed in the above graph, the Polygon whale transaction count has observed a sharp rise in the last few days and has attained high levels not seen at any point during the past month.

In the chart, Ali has also attached the data for another version of the metric that keeps track of only the MATIC transactions that are carrying a value of at least $1 million.

These massive transactions are the ones more likely to move the market and it would appear that they have also gone up in number recently, implying that the whales haven’t been shy of moving around large stacks.

“Such significant movements often signal impending price changes,” explains the analyst in the post. “So we could be on the brink of a major MATIC price move!”

Any volatility that may arise of this high whale activity, however, could theoretically go in either direction, as the whale transaction count only tells us whether the whales are active or not, and doesn’t contain any info about whether buying or selling is dominant.

Considering that the transactions have spiked after the price has registered a significant drawdown from its recent local top above $0.94, though, it’s possible that the whales are making these moves to buy at the current relatively low prices.

It now remains to be seen how the Polygon price develops in the coming days given the high amount of trading activity that the whales have been participating in.

MATIC Price

Following the recent plunge, Polygon hasn’t been moving much in the last few days as its price has gone rather stale below the $0.80 level. The below chart shows how the cryptocurrency has performed during the last 30 days.

Polygon Price Chart

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Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?

On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price.

Polygon Whales Have Increased Their Holdings Recently

As pointed out by an analyst in a post on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now.

In the context of the current topic, the whales are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate).

The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value.

Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month:

Polygon Whales

As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window.

These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level.

Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on.

While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows.

Polygon Exchange Reserve

The “exchange reserve” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges.

From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits.

One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity.

This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down.

The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term.

MATIC Price

Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month.

Polygon Price Chart

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Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?

On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price.

Polygon Whales Have Increased Their Holdings Recently

As pointed out by an analyst in a post on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now.

In the context of the current topic, the whales are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate).

The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value.

Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month:

Polygon Whales

As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window.

These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level.

Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on.

While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows.

Polygon Exchange Reserve

The “exchange reserve” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges.

From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits.

One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity.

This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down.

The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term.

MATIC Price

Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month.

Polygon Price Chart

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Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?

On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price.

Polygon Whales Have Increased Their Holdings Recently

As pointed out by an analyst in a post on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now.

In the context of the current topic, the whales are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate).

The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value.

Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month:

Polygon Whales

As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window.

These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level.

Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on.

While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows.

Polygon Exchange Reserve

The “exchange reserve” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges.

From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits.

One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity.

This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down.

The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term.

MATIC Price

Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month.

Polygon Price Chart

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Polygon (MATIC) Jumps Another 6% As Whales Show High Activity

Polygon has continued its recent bullish momentum in the past day, jumping a further 6%, as on-chain data shows the whales are highly active currently.

Polygon Is Now Up More Than 21% In The Past Week

The past month has been a great time for Polygon investors as the cryptocurrency has observed a substantial uplift. Earlier in this period, the growth had been slower, but recently the asset has really stepped up.

Here is a chart that shows how MATIC’s rally has looked over the last 30 days:

Polygon Price Chart

With the latest leg in the surge, Polygon has reclaimed the $0.80 level for the first time since July of this year. Earlier in the day, the coin had spiked to as high as $0.84, but since then it has registered a pullback towards the current price levels.

Nonetheless, even with the retrace, the asset is up a net 6% during the last 24 hours. As it stands, MATIC’s profits of 21% in the past week are among the best in the sector, with only Chainlink (LINK) showing a better performance inside the top 20 assets by market cap.

It would appear that the whales may be playing a major role in this latest rally if on-chain data is anything to refer to.

Polygon Whale Transaction Count Is At Elevated Levels Currently

As pointed out by the on-chain analytics firm Santiment, whales have been quite active in the market recently. The relevant indicator here is the “whale transaction count,” which keeps track of the total number of Polygon transactions that are carrying at least $100,000 in value.

The below chart shows the trend in this MATIC metric over the past few months:

Polygon Whale Activity

As displayed in the above graph, the Polygon whale transaction count has been at high levels recently. To be more particular, the whales have been making more than 161 transactions per day, which is the highest the metric has been since July.

Generally, high activity from the whales can be a predictor of volatility, as a large number of moves of these humongous holders together can have the power to move the market.

Naturally, such volatility can take the cryptocurrency in either direction, as the whale transaction count metric merely tells us about the number of transfers that the whales are making, and not whether these are buying or selling transactions.

In the chart, Santiment has also attached the data for another metric: the combined supply held by the 100,000 to 10 million MATIC addresses. As is visible in the graph, the sharks and whales have been accumulating since 24th October, suggesting that their buying may have been providing support to the rally.

The supply of these key holders may be one to watch for in the coming days, especially given the high transaction activity that the whales in particular are making currently. If the indicator observes a significant drawdown, then it would be a sign that the group has decided to take their profits.