MATIC Set for Major Price Move as Whale Activity Spikes

MATIC whales are on the move hinting at a major price shake up.

Polygon whale stuck in a bubble.
Created by Kornelija Poderskytė from DailyCoin
  • MATIC whale activity has spiked in the last 24 hours.
  • A prominent analyst suggests increased activity could herald a major price move.
  • MATIC’s price continues to consolidate below resistance.

After an impressive run in November 2023, the price of MATIC, the native token of the Polygon PoS chain, has been largely muted, hovering just below the psychological resistance level of $0.80. But the asset’s recent lackluster price movement might be at an end. Amid the doldrums, recent whale activity suggests that MATIC might be ready to make its move.

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Can MATIC make another dash at $1, or are new lows in store?

MATIC Whales Splash Around 

In an X post on Thursday, December 21, prominent crypto analyst Ali Martinez noted that MATIC whale activity has recently spiked, citing Santiment data. According to the analyst, the surge suggested that MATIC could be on the brink of a major price move.

The analyst’s sentiments come as whale activity is known to typically preempt large price moves due to the market-moving capital they control. Crypto analytics firm Santiment Feed had credited accumulation by this class of investors in October 2023 for the rally to a four-month high in November 2023.

IntoTheBlock data shows that whale transactions exceeding $100k have risen since Saturday, December 16, peaking in the last 24 hours with 388 transactions.

Chart of the number of MATIC Transactions exceeding $100k.
Chart of the number of MATIC Transactions exceeding $100k. Source: IntoTheBlock

How Would MATIC React?

It remains unclear whether these whales are buying or selling, making a prediction of the asset’s short-term direction based on the whale activity alone difficult. However, on December 11, Martinez argued that the asset risked a steep correction to the $0.57 price point before continuing upwards. The analyst based this view on a chart pattern formed on the asset’s daily candle price chart.

The analyst’s view came after the MATIC failed to hold the critical support level at $0.80, where 42,000 addresses purchased the asset. The price level has now turned resistance. At the time of writing, the asset continues to trade below this level at around $0.78.

On the Flipside

  • The direction of MATIC’s imminent move remains unclear.
  • Unlike other major altcoins, MATIC has hardly moved this year, down 1.8% yearly.

Why This Matters

Whale activity typically influences crypto asset prices. Recent MATIC whale activity suggests that a major price move might be imminent.

Read this for more on MATIC:
Polygon Whale Shifts 26M to Coinbase, Shaking Up MATIC Price

Learn more about the first Polygon CDK chain to go live:
First Polygon CDK Layer 2 Goes Live, Promising Airdrops

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.