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Polygon (MATIC) Price Surges Following Massive Whale Accumulation - TheNewsCrypto


thenewscrypto.com 23 June 2022 16:05, UTC
  
Reading time: ~2 m

  • There has been an 8.7 percent increase in the total value of MATIC wallets.
  • MATIC’s price has climbed to a high of $0.50, a 60% gain in 4 days.

Polygon (MATIC) departed from its normal negative trajectory this week, achieving one of the most pronounced rises in the crypto market. This June 23, four days after reaching a low of $0.317, MATIC’s price has climbed to a high of $0.50. Even Bitcoin (BTC) and Ether (ETH) were beaten in the same time period, with a 60% increase in value.

MATIC/USDT: Source: TradingView

MATIC Acquired in Bulk Despite Bearish Market Trend

While this is a huge drop from the peak of $2.92 reached in December 2021, the wider crypto bear market and a hawkish Fed contributed to MATIC’s slump. According to on-chain statistics, some of the company’s wealthiest investors have continued acquiring MATIC tokens despite the slump.

There has been an 8.7 percent increase in the total value of MATIC wallets that store between 10,000 and 10,000,000 coins, according to a recent tweet by Santiment. Since early May, they’ve started buying Polygon’s cryptocurrency.

Santiment stated:

“$MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan.”

MATIC/USD looks on the verge of a fresh multi-week high from a technical perspective. Regarding specifics, on June 22, the Polygon token began to break out of its “inverse head and shoulders” (IH&S) formation. When the price establishes three consecutive lows while hanging upside down by a common support line known as the “neckline,” a bullish reversal setup known as IH&S.

Additionally, according to statistics from CryptoQuant, the MATIC balance on all crypto exchanges grew from 1.21 billion to 1.37 billion between May 1 and June 23, signaling more selling pressure.

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