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Polygon (MATIC) is looking to pare off its weekly losses with its price currently trading at $1.25, up 6.61% over the past 24 hours. The price action of MATIC is notably influenced by the protocol's current whale action, as pointed out by data analytics platform WhaleStats.
Per the analytics platform, one Ethereum whale accumulated 1,500,585 units earlier today in what appears to be coordinated buy-ups of the digital currency. Data from CoinMarketCap also confirmed the growth in Polygon's total trading volume, pegged at $751.6 million, up 50.49% over the past 24 hours.
🐳 ETH whale "BlueWhale0502" just bought 1,500,585 $matic ($1,860,725 USD).
— WhaleStats (tracking crypto whales) (@WhaleStats) February 15, 2023
Ranked #196 on WhaleStats: https://t.co/Xp99i8aHLT
Transaction: https://t.co/e8C5jFU7uc#ethereum #whalestats #babywhale #BBW
Polygon remains the reference point for Layer-2 scaling solutions on the Ethereum blockchain. The protocol has remained resilient despite the menacing damning negativity surrounding the broader ecosystem. Polygon has stayed resilient with growth of over 14% over the past two weeks and by more than 29% in the past month.
With the combination of both whale and retail entities stacking up on MATIC, the attractiveness of the Polygon protocol has increased. Here are three key trends to look out for moving forward.
Top three trends to watch out for
The first is the more consistent accumulation of MATIC tokens from whales even if volatility soars. The protocol has continued to impress investors with its energy efficiency and a defined pivot toward zk-Rollup technology.
We can expect intermittent price consolidation as, though there are great fundamentals, the broader market trend and regulatory scare will still weigh in on the Polygon protocol and its accompanying native coin.
For Polygon as an L2 network, we can expect more targeted partnerships in the near term. While there are tens of new integrations daily, big-name partnerships are also in the works, and we are bound to see link-ups like that of Starbucks in the near future.
Arman Shirinyan
Mushumir Butt
