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Polygon (MATIC) might be buckling under pressure; as most altcoins in the market today are currently exhibiting a massive slip-off in price, the token may change gears very soon. This is because MATIC is currently welcoming a rare but effective catalyst that might help trigger more accumulation in the near term.
Godfrey BenjaminData from the crypto analytics platform IntoTheBlock (ITB) has pointed out the massive jump in the large transactions associated with MATIC token in the past week. According to this data, this whale transaction growth has soared by 16.96% to $17.49 million.
Whale transactions, according to the ITB definition, feature MATIC transactions that are valued at $100,000 or more. A sustained accumulation of MATIC by these whales might ultimately result in a mega price flippening.
As captured by the analytics service provider, the whale transactions picked up new momentum in the past 24 hours, which saw over 50 such transactions. This resurgence bolsters the assumption that this trend might finally be here to stay. Besides this whale growth, the data also showcases a 459% jump in exchange net flows, placing MATIC as the highest token for this metric among the top 10 profiled digital currencies.
Banking on sustained fundamentals
Polygon has long been on the radar of the best-performing tokens in the market. While its growth has largely mimicked the broader market trend, Polygon Labs has kept its focus with respect to the development of innovative new solutions that can help drive the adoption of the protocol as well as its token.
Tomiwabold OlajideFrom the reveal of the Polygon 2.0 release schedule featuring a rebrand of MATIC to POL tokens, Polygon remains at the forefront of leading scaling solutions on the Ethereum blockchain network while doubling down on its integrations.
Despite the bearish onslaught in the market at this time, the token is currently changing hands at a price of $0.5626, up by 0.55% in the past 24 hours.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team