MATIC Whale Makes Biggest Move Since July, Price Spikes 4%

The largest Polygon (MATIC) transaction since July 2023 happened yesterday, according to an X post shared by the market intelligence platform Santiment. The post indicated that a whale moved about 37 million MATIC tokens from a Proof of Stake (PoS) wallet to a 3 year-old wallet. The transferred tokens were estimated to be worth $20.7 million.

Santiment also suggested that the whale’s huge transfer could have been behind MATIC’s intra-day 4% price rise yesterday while the rest of the cryptocurrency market faced price declines. However, the daily candle close showed that MATIC was not spared from yesterday’s slump.

According to data from CoinMarketCap, MATIC witnessed a 0.66% decrease in price throughout the past day of trading. This meant that MATIC was valued at $0.5584 at press time, which closely approached its lowest price within the 24 hour period, recorded at $0.5523.

Notwithstanding this recent dip in price, MATIC still managed to gain over 9% in value over the course of the past week. Additionally, the 24 hour trading volume for MATIC saw an increase of more than 18%, reaching a total of $365,236,519 at press time.

Its market cap of $5,194,671,819 ranked MATIC as the 13th largest cryptocurrency in terms of market capitalization. This placed it on the heels of Dai (DAI) in the 12th spot with its market cap of $5,342,895,007, and in front of Polkadot (DOT) in the 14th position.

Daily chart for MATIC/USDT (Source: TradingView)

From a technical standpoint, MATIC was attempting to overcome the key resistance level at $0.5700 at press time. Should bulls be able to boost MATIC to above this noteworthy price point, it could result in the cryptocurrency flipping the mark into support. Thereafter, MATIC may have the momentum needed to continue climbing to $0.6435.

On the other hand, if MATIC fails to overcome the $0.5700 barrier within the next 48 hours, then traders may begin to offload their MATIC holdings. Consequently, the altcoin could see its value correct down to the immediate support level at $0.4890 in the following couple of days.

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