MATIC Whales Reactivate Interest in the L2 Token
As the number of whale addresses holding Polygon’s leading Layer 2 (L2) token increases, it signals a potential uptrend for MATIC.
- Recent data shows a surge in whales holding more than 100,000 tokens, growing by 1.2% in the last week.
- Currently, this group of investors holds 77.41% of the total circulating supply of 10 billion MATIC.
- This surge in whale activity contributed to a 3% spike in MATIC’s value in the past week, defying the general market trend of decline.
Positive Signals for MATIC Price
With the Chaikin Money Flow (CMF) for MATIC currently at 0.07, indicating a positive buying and selling pressure behind the asset’s price movement, there are bullish signals for Polygon.
- The positive CMF suggests that more money is flowing into the asset on up days than on down days, indicating buyer control.
- Additionally, the Moving Average Convergence Divergence (MACD) indicator for MATIC shows the MACD line poised to cross above the zero line, signaling a potential shift from bearish to bullish momentum.
Potential Price Movement for MATIC
If the current trajectory is maintained and bulls continue to dominate the market, MATIC’s value could see an increase towards $0.83.
- However, any increase in selling activity could potentially invalidate this projection and lead to a price drop below $0.7.
Conclusion
With the increased interest from whales and positive price indicators, MATIC may be on track for an upward trajectory in the near future. Keep an eye on the market dynamics and any significant shifts that could impact the token’s price movement.
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