- Whale cashes out nearly 1.9M MATIC from Binance amid hefty price dip.
- Polygon rises 12% in new wallets despite backtracking 35% in a month.
- Analyst spots a broadening wedge pattern on MATIC’s daily price chart.
The general crypto markets were soaked in bloody red for most of the week, and the downward spiral has most large market cap altcoins dealing with downside volatility. Meanwhile, savvy crypto whales are filling their pockets with Polygon (MATIC), as depicted by the latest findings by the blockchain detective agency LookOnChain.
While last weekend’s crypto market dip has stunned Polygon back to below the $0.70 support levels, one crypto whale took the opportunity to withdraw 1.9 million MATIC tokens from Binance to a decentralized on-chain wallet. While these large player moves tend to signify accumulation, DailyCoin tracked the public address to confirm that the aforementioned whale still holds the 1.9M MATIC tokens.
Are Polygon’s Whales Riding MATIC To $1?
As Polygon’s Layer-2 blockchain succumbs to the overall crypto market drawdown led by Bitcoin’s $60,000 retest, altcoin traders question if MATIC’s long-term goal of $1 is still plausible. The crypto bears have bashed MATIC to a 35% deficit over the past 30 days, and it lost the $0.70 support line on Wednesday after another 3.5% downturn.
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Looking on the bright side, the technical price chart suggests that MATIC is building a broadening wedge pattern on the daily charts. Crypto analyst Scalping on X noted that this bullish setup would activate if MATIC finished the day above $0.63, as depicted in the orange-colored lower border.
Given that Polygon’s daily price movement meets the criteria, the crypto trader expects a rise to $0.95, with the second target becoming $1.29. Previously, MATIC traded above the $1 price target for a whole month starting from February 21, 2024, recouping above $1 after a slight market correction until April Fool’s Day.
Since then, MATIC has struggled to keep up with the Middle East tension-infused crypto drawdown, dropping to $0.66 as of press time. This can be partly explained by MATIC’s reliance on the leading digital asset Bitcoin, as MATIC sports a mid- to high-price correlation to BTC.
On the Flipside
- Huge cryptocurrency whale support has previously been the catalyst for MATIC’s run to $1 and above.
- This happened in April and December 2023, with MATIC topping heights of $1.17 and $1.04, respectively.
- Amid the hefty 35% plunge, Polygon’s growth remains positive, with a 12% weekly hike in new addresses.
Why This Matters
Cryptocurrency whale tracking is crucial to understand the ongoing market sentiment. Whales are usually ahead of the curve of the shifting crypto market dynamics.
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