- At the time of writing, MATIC is trading at $0.5881, up 4.02% in the last 24 hours as per data from CMC.
- If the price manages to go past $0.59, then a fresh rally all the way till $0.85 is on the cards.
According to a tweet published by the market analytics portal Santiment, yesterday saw the biggest Polygon (MATIC) transaction since July 2023. According to the announcement, a whale transferred about 37 million MATIC tokens from a Proof of Stake (PoS) wallet to a 3-year old wallet. It was calculated that the value of the transferred tokens was $20.7 million.
While the crypto market as a whole was experiencing price losses yesterday, MATIC saw an upsurge in price. The momentum has been sustained by the bulls so far.
Massive Price Shift Anticipated
Moreover, the volume of MATIC token trades has increased dramatically during the last week, according to data compiled by the blockchain intelligence platform IntoTheBlock (ITB). There was a 16.96% increase to $17.49 million in whale transactions, as seen by this data. Consistent buying by these whales might push MATIC even further.
According to the analytics firm, there have been more than 50 whale transactions in the previous 24 hours. This revival lends credence to the idea that this recent bullish trend may have staying power.
At the time of writing, MATIC is trading at $0.5881, up 4.02% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 35.13%. The price recently crossed over $0.56 resistance level.
If the price manages to go past $0.60 key resistance level, then a fresh rally all the way till $0.85 is on the cards. Conversely, if the price breaks below $0.50 support level then it will decline further to test $0.38 support level.
