Whale Alert: MATIC Poised For Epic Surge – Time To Dive In?
April 17 2024 - 9:00AM
NEWSBTC
In the ever-volatile landscape of the cryptocurrency market, recent
days have seen a surge in turbulence, with Bitcoin and leading
altcoins struggling to maintain stability. Among them, MATIC, the
native token of Polygon, hasn’t been immune to the downward
pressure, experiencing a drop of nearly 2% in the past 24 hours
alone. Related Reading: Elon Musk Latest Tweet: How Much Did
Dogecoin Gain From It Today? As of the latest data, MATIC is
trading at $0.69, marking a 21% decrease compared to the previous
week. Source: CoinMarketCap MATIC: Whales Seize The Opportunity
Despite the market downturn, some seasoned investors are viewing
this as an opportunity to stockpile MATIC at lower prices. Large
holders, colloquially known as whales, have been particularly
active during this period of volatility. Notably, there has been
significant accumulation of MATIC by whales, with one notable
investor scooping up nearly 2 million tokens. This trend of
accumulation is further evidenced by an uptick in the number of
wallets holding substantial amounts of the altcoin, ranging from
1,000 to 10 million coins. Which #altcoins did whales buy after the
market dropped? We noticed a fresh wallet withdrew $17.43M
#altcoins from #Binance in the past 3 hours, including: 48,922
$AVAX($1.86M) 621,003 $FET($1.45M) 5.14M $GRT($1.44M) 1.9M
$MATIC($1.41M) 532,444 $OP($1.29M) 135,751 $RNDR($1.26M)…
pic.twitter.com/peeRi3E3nR — Lookonchain (@lookonchain) April 15,
2024 Additionally, large transactions worth more than $100,000 have
increased significantly, indicating a concerted effort by whales to
buy the dip. Total crypto market cap is currently at $2.231
trillion. Chart: TradingView Bullish Sentiment Prevails Among
Whales Whales remain steadfast in their bullish outlook for MATIC.
Data shows that more than half of all whale positions for the
crypto on Binance are long. This suggests that large investors are
confident in the token’s potential for a short-term rebound. Their
optimism is rooted in their belief in the underlying fundamentals
of MATIC and its role within the Polygon ecosystem. However, amidst
the backdrop of price volatility, there has been a surge in
negative commentary surrounding the coin. The Weighted Sentiment
indicator reflects an increase in bearish sentiment, potentially
influencing retail investors’ participation. Source: Santiment
Negative discourse, particularly on social media platforms, can
have a significant impact on market sentiment and investor
behavior. Retail investors, often swayed by discussions and
sentiment online, may be cautious in their approach to MATIC amidst
the prevailing negativity. Related Reading: Analyst Keeps Faith In
XRP, Targets $288 Despite Price Retreat Furthermore, Santiment’s
data analysis corroborates the uptick in whale activity and
accumulation of MATIC during the market downturn. Santiment’s
insights provide additional context to the trends observed in whale
behavior, offering valuable information for market participants.
While the cryptocurrency market grapples with uncertainty and price
fluctuations, MATIC stands out as a focal point of activity. Whales
are leveraging the market downturn to accumulate MATIC, expressing
confidence in its future prospects. Despite challenges posed by
negative commentary, the bullish sentiment among whales underscores
the resilience of MATIC within the broader crypto landscape.
Featured image from Pexels, chart from TradingView
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