- Altcoin heavy-hitters Solana and Polygon soared on Thursday.
- Uptober rally escalates with Bitcoin contesting $36,000.
- Whales shuffle 20,000 MATIC and 282,695 SOL to CEXs.
The arguably fastest Layer-1 blockchain, Solana (SOL), continues to lead the crypto markets with additional double-digit gains on Thursday after already claiming one of the most successful weeks in the history of SOL. Viewed by many as a venture capital sweetheart, Solana enjoyed its yearly high of $45.31 on Thursday.
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Scoring 5.8% daily gains after a 32.7% weekly run, the #7 ranked SOL increased its global market capitalization by a whopping $8 billion in the last 30 days. At press time, Solana trades at $41.71, facing a phased market correction after hitting the yearly high.
Competing altcoin Polygon (MATIC) also picked up on the Uptober rally, gaining 5.8% profits in the last 24 hours. At #14, Layer-2 altcoin MATIC briefly retested $0.69 but got rejected at multi-million resistance. The positive shift is also evident in the 55.98% upsurge in trading volume for the token.
Whales Splash Waters with CEX Injections
Thursday’s bull run is heavily influenced by several whales performing large transactions on Ethereum and Solana’s blockchains. To illustrate, one of the largest SOL crypto whales transferred 282,695 SOL, or $11,714,880, in the early morning.
Meanwhile, another gigantic crypto whale splashed 20,000,000 MATIC, equivalent to $185,350, on a transaction to Coinbase. These two massive crypto transactions are worth nearly $12 million, demonstrating whales’ confidence not only in the two altcoins but also in the two leading centralized crypto platforms.
On the Flipside
- Polygon’s (recently rebranded from Matic Network) native token Polygon (MATIC) is still 23% down in yearly terms.
- Solana’s (SOL) massive 73% monthly run puts the L1 altcoin 84.04% below its all-time high (ATH) set at $259.96 on November 6th, 2021.
Why This Matters
Crypto whale movement tracking assists in understanding the market sentiment, as well as the price correlation between cryptocurrencies.
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