{"id":563190,"date":"2023-11-30T14:00:53","date_gmt":"2023-11-30T14:00:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=563190"},"modified":"2023-11-30T13:34:13","modified_gmt":"2023-11-30T13:34:13","slug":"polygon-whales-120-million-matic-buying-rally","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/matic\/polygon-whales-120-million-matic-buying-rally\/","title":{"rendered":"Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?"},"content":{"rendered":"

On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price.<\/p>\n

Polygon Whales Have Increased Their Holdings Recently<\/h2>\n

As pointed out by an analyst in a post<\/a> on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution<\/a>,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now.<\/p>\n

In the context of the current topic, the whales<\/a> are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate).<\/p>\n

Related Reading: Chainlink Signal Resurfaces: Is Another 31% Rally Coming?<\/a><\/div>\n

The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value.<\/p>\n

Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month:<\/p>\n

\"Polygon<\/p>\n

The value of the metric seems to have gone up in recent days | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window.<\/p>\n
These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level.<\/p>\n
Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on.<\/p>\n
While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post<\/a>, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows.<\/p>\n
\"Polygon<\/p>\n
Looks like the indicator has continued to rise recently | Source: CryptoQuant<\/a><\/pre>\n
The “exchange reserve<\/a>” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges.<\/p>\n
From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits.<\/p>\n
One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity.<\/p>\n
Related Reading: Dogecoin To Double Its Price If This Barrier Breaks, Analyst Predicts<\/a><\/div>\n
This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down.<\/p>\n
The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term.<\/p>\n
MATIC Price<\/h2>\n
Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month.<\/p>\n
\"Polygon<\/p>\n
MATC has been moving sideways in the last few days | Source: MATICUSD on TradingView<\/a><\/pre>\n
Featured image from Swanson Chan on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Polygon whales have loaded up on 120 million MATIC during the past week, a sign that could be bullish for the asset’s price. Polygon Whales Have Increased Their Holdings Recently As pointed out by an analyst in a post on X, MATIC whales have made a decent amount of buys during the past week. The relevant indicator here is the “Supply Distribution,” which keeps track of the total amount of Polygon that the different holder groups are carrying in their wallets right now. In the context of the current topic, the whales are the ones of interest and their group address balance range may be defined as 10 million to 100 million MATIC (which converts to about $7.7 million to $77 million at the current exchange rate). Related Reading: Chainlink Signal Resurfaces: Is Another 31% Rally Coming? The whales are the most powerful entities on the network, because of the sheer scale of reserves they hold. As such, their movements can often be worth keeping an eye on, as they may end up having an influence on the asset’s value. Now, here is a chart that shows the trend in the Polygon Supply Distribution specifically for these humongous holders over the past month: The value of the metric seems to have gone up in recent days | Source: @ali_charts on X As displayed in the above graph, the indicator’s value for the Polygon whales has registered a notable uplift during the past week. In total, these large investors have scooped up more than 120 million MATIC (approximately $92.5 million) in this window. These buys from the whales have come while the cryptocurrency’s price has been trading around its lows following a sharp pullback from just under the $1 level. Naturally, this accumulation could be a positive sign for the asset’s future, as it suggests that the whales believe the current prices are low enough to gamble more on. While this may be so, though, another signal has also been brewing for Polygon recently and this one’s not quite as optimistic. As another analyst has explained in a CryptoQuant Quicktake post, the MATIC exchange reserve has observed a considerable rise recently, as the below chart shows. Looks like the indicator has continued to rise recently | Source: CryptoQuant The “exchange reserve” here is an indicator that keeps track of the total amount of Polygon that’s currently being stored in the wallets of all centralized exchanges. From the chart, it’s apparent that the metric started rising shortly after the recent rally in the asset took place, implying that investors began making net deposits. One of the main reasons why investors would transfer their coins to the exchanges is for selling purposes, so it’s likely that these deposits were coming from those looking to cash in on the profit-taking opportunity. Related Reading: Dogecoin To Double Its Price If This Barrier Breaks, Analyst Predicts This isn’t particularly egregious behavior, but the worrying fact may be that the exchange reserve has only continued to rise even after the asset has observed a significant downtrend from the top, meaning that the selling pressure isn’t slowing down. The whale accumulation is a bullish sign for Polygon, but so long as these exchange inflows continue, it’s perhaps unlikely that the price would feel any benefit in the short term. MATIC Price Polygon is currently trading above the $0.77 mark, having seen a plunge of over 21% since the top earlier in the month. MATC has been moving sideways in the last few days | Source: MATICUSD on TradingView Featured image from Swanson Chan on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":563207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86487],"tags":[40670,87845,76656,83584,87846,90562,89920,87844],"class_list":["post-563190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matic","tag-matic","tag-matic-whales","tag-maticusd","tag-polygon","tag-polygon-accumulation","tag-polygon-bullish","tag-polygon-rally","tag-polygon-whales"],"acf":[],"yoast_head":"\nPolygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Polygon whales have loaded up on 120 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?","url":"http:\/\/ktsl888.com\/news\/matic\/polygon-whales-120-million-matic-buying-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/matic\/polygon-whales-120-million-matic-buying-rally\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/swanson-chan-wG2rXmRgyVA-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/swanson-chan-wG2rXmRgyVA-unsplash.jpg?fit=3632%2C2725"},"articleSection":"MATIC","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic whales","maticusd","polygon","polygon accumulation","polygon bullish","polygon rally","polygon whales"],"dateCreated":"2023-11-30T14:00:53Z","datePublished":"2023-11-30T14:00:53Z","dateModified":"2023-11-30T14:00:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon Whales Go On 120 Million MATIC Buying Spree, Rally Soon?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/matic\\\/polygon-whales-120-million-matic-buying-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/matic\\\/polygon-whales-120-million-matic-buying-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/swanson-chan-wG2rXmRgyVA-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/swanson-chan-wG2rXmRgyVA-unsplash.jpg?fit=3632%2C2725\"},\"articleSection\":\"MATIC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic whales\",\"maticusd\",\"polygon\",\"polygon accumulation\",\"polygon bullish\",\"polygon rally\",\"polygon whales\"],\"dateCreated\":\"2023-11-30T14:00:53Z\",\"datePublished\":\"2023-11-30T14:00:53Z\",\"dateModified\":\"2023-11-30T14:00:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/swanson-chan-wG2rXmRgyVA-unsplash.jpg?fit=3632%2C2725","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/563190"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=563190"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/563190\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/563207"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=563190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=563190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=563190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}