Whales Splash $45M MATIC On Coinbase: Polygon Poised For $1?

Polygon’s dream run is highlighted with crypto whales bursting millions of dollars on $MATIC.

Whale shark swimming with a Polygon (MATIC) coin in his mouth.
Created by Kornelija Poderskytė from DailyCoin
  • Layer-2 Polygon $MATIC has been trading below $1 since April 30 2023.
  • WhaleTracker spots 3 huge consecutive $MATIC transfers to Coinbase.
  • Bulls sustain control as Polygon soars amid Ubisoft partnership news.

The Layer-2 blockchain Polygon (MATIC) continues its bullish stride with 9% gains in the last 24 hours. Reaching $0.92355, the #13 altcoin $MATIC was close to reclaiming its half-year high of $0.9422 set on May 29, 2023. Certainly, the latest price movement contributes to the 69% monthly run, which now has Polygon L2 dominating 0.552% of the market.

Besides displaying a high 0.89 correlation with Bitcoin (BTC), Polygon’s network has a lot going on in the L2 ecosystem. To illustrate, Polygon soared last week after Immutable, a Web3 gaming platform, shook hands with the video game giant Ubisoft. Similarly to Solana (SOL), $MATIC has been favored by institutional investors and recently received attention from top crypto whales.

MATIC Enters New Macrotrend On Bullish Breakout

The crypto whale tracking service WhaleAlert spotted three unusual transactions on the blockchain. In further detail, a cryptocurrency whale initially sent 17,895,970 $MATIC coins, then topped it up with two following transactions of 17,655,976 and another 19,896,435, totaling $45M worth of Polygon’s native cryptocurrency.

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Transferred to Coinbase before the 9% uptick, this crypto whale move confirmed the macrotrend switch pointed out by pro-crypto trader and analyst RektCapital. The trader pointed to the verge of a positive macroeconomic trend to lay around $0.9033. If the bullish trend sustains above this level, Polygon (MATIC) should have a clear path to the portrayed blue resistance line at $1.0713.

At press time, Polygon (MATIC) is priced at $0.8677, putting up 3.9% daily gains in a 69% monthly run for the Layer-2 native coin. In spite of the majestic rally, $MATIC is still down 4.4% from what it was priced exactly a year ago. 

Finally, a 69% retracement from its all-time high at $2.92 almost two years ago is likely to add fuel for Polygon’s crusade to $1 as whales continue to accumulate.

On The Flipside

  • Huge crypto whale transfers to centralized exchanges (CEXs) can also cause significant drops in cryptocurrency prices.
  • However, the bullish trend is confirmed by rising accumulation from whales, topping over $1bn in daily trading volume.

Why This Matters

Polygon (MATIC) is one of the top altcoin performers of the year, which also proved to be resilient to several financial industry crises in 2022.

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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
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.