Polygon outlook as Whales reduce their MATIC holdings

December 09, 2023 11:39 PM PST | By Invezz
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Polygon (MATIC) might lose its upside steam soon, considering selling pressure from increasing exchange inflows. Data shows whales are transferring MATIC tokens to trading platforms Coinbase and Binance. Such transfers translate to bearish cues for the digital coin.

MATIC’s rising exchange inflows

Crypto tracker Spot On Chain revealed that large-scale investors, including LayerX Capital, sent Polygon tokens worth around $11.33 million (12.53 million coins) to Coinbase and Binance early on Sunday.

The whales made the significant deposits within ten hours. Meanwhile, MATIC exchange supply now represents 9% of the alt’s overall supply. That’s an eye-catching uptick, and Polygon’s balance on exchanges has surged since 11 November. Such developments indicate potential declines in the MATIC price.

Further, the Realized Loss/Profit Chart shows amplified profit booking amidst an increase in whale transactions worth over $100K. That confirms profit-taking by large-scale crypto investors, magnifying selling momentum on the digital coin.

MATIC price

Polygon’s native token traded with a bearish stance during this publication, down 1.86% in the past day to $0.9007. Nonetheless, MATIC holders enjoyed nearly 12% returns within the previous week.

MATIC 7D Chart on Coinmarketcap

The token will likely endure more price dips if selling momentum from large wallets continues to surge. While whale movements are vital in understanding crypto’s potential direction, broad crypto market events and Polygon ecosystem developments remain crucial in shaping MATIC’s long-term trajectory.

The digital assets sector exhibited a bullish outlook and some analysts believe an alt season is around the corner. Bitcoin awaits a move past $44K to target $50K as it hovers at $43.86K at press time.

A broad-based rally could rescue Polygon price from whale-triggered bearishness. Meanwhile, increased use cases such as integration by Switzerland city makes MATIC’s future lucrative.

The post Polygon outlook as Whales reduce their MATIC holdings appeared first on Invezz


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