Polygon Whales Show Increased Activity
A cryptocurrency analyst has observed a surge in whale activity on the Polygon network. The “whale transaction count” indicator, which tracks transfers on the blockchain exceeding $100,000, has seen a notable increase. This suggests that large entities are actively trading the cryptocurrency.
Conversely, a low indicator value indicates that whales are not currently paying much attention to the asset and making fewer moves.
While the high whale activity could lead to volatility, it does not indicate whether buying or selling is dominant. However, considering that transactions have spiked following a significant price drop, it is possible that whales are buying at relatively low prices.
The future of Polygon’s price will depend on how it develops in response to the increased trading activity by whales.
MATIC Price Stagnant
Following a recent plunge, Polygon’s price has remained stagnant below $0.80. The chart below illustrates its performance over the past 30 days.
Hot Take: Whales Indicate Potential Upswing for Polygon
An analysis of whale activity on the Polygon network suggests that the cryptocurrency may be on the brink of a major move. The increased whale transaction count indicates active interest from large entities in trading Polygon. While this could result in volatility, it remains uncertain whether buying or selling will dominate. However, given that whales have been making moves after a significant price drop, there is a possibility that they are buying at the current low prices. The future of Polygon’s price will be influenced by the ongoing high trading activity by whales.
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