- Polygon (MATIC) dips 4.20% following Binance’s 4.3B DoJ settlement.
- Polygon’s native coin receives a major boost from one Ethereum whale.
- Crypto traders discuss the main reason behind the 14,998,378 MATIC shift.
The Polygon whales are bright-eyed and bushy-tailed, judging by the colossal on-chain transfers spotted by crypto whale tracking agencies. Yesterday, one crypto whale transferred almost 10M of $MATIC tokens to FalconX, an institutional trading platform.
On this occasion, the mysterious Polygon whale upped the ante, shifting 14,998,378 MATIC valued at $11,316,789 USD. While yesterday’s whale movement was deemed ambiguous by experienced crypto traders on 𝕏, this time the move is labeled as bullish, since the cryptocurrency funds ended up in Polygon Staking contracts.
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Transferring huge amounts of crypto into staking platforms is usually bullish for price trends, as it means the nearly 15M MATIC tokens are likely to be locked out of circulation and won’t be sold during the staking period. Even so, the #14th ranked cryptocurrency hasn’t triggered a price trend reversal just yet, as the altcoin trades at $0.763, dropping a further 4.2% in the last 24 hours.
Market Shakedown: Is MATIC Bottom In?
Meanwhile, cryptocurrency traders on 𝕏 are using the Fibonacci Retracement trading technique to mark the potential bottom for MATIC’s 19.5% weekly downturn. In the diagram demonstrated by crypto trader 0xSansa, Polygon’s (MATIC) price is still hovering above the 0.5 Fibonacci level, which is highlighted at $0.6944.
Luckily, the Layer-2 altcoin $MATIC had been trading above the key support pressure exchange area since November 6, 2023, forming an ultra-rare arc bottom geometrical figure on the charts. The confluent support area depicted in the green box below suggests that the strongest $MATIC support sits at the price range of $0.5928 to $0.6461, while the arc bottom support is above $0.6944.
Extensive support around the aforementioned levels is accompanied by Polygon’s latest surge in trading volume and the all-time high in transactions. Last week, the Polygon L2 smoothly processed 16.4 million transactions in a day, gearing the Layer-2’s native coin for a run to $1. However, $MATIC was rejected at the $0.956 resistance level on November 15, 2023.
On the Flipside
- Yesterday, MATIC holders received the shocking news that $MATIC is considered an ‘unregistered security’ in the Securities and Exchange Commission’s (SEC) latest lawsuit against the Kraken crypto exchange.
Why This Matters
Cryptocurrency whales are often ahead of the market, therefore crypto whale transactions often explain huge price movements or other major events in the cryptosphere.
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