{"id":566334,"date":"2023-12-21T16:00:29","date_gmt":"2023-12-21T16:00:29","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=566334"},"modified":"2023-12-21T14:53:30","modified_gmt":"2023-12-21T14:53:30","slug":"analyst-polygon-brink-major-move-heres-why","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/matic\/analyst-polygon-brink-major-move-heres-why\/","title":{"rendered":"Analyst Says Polygon (MATIC) On Brink Of Major Move, Here’s Why"},"content":{"rendered":"

A cryptocurrency analyst has explained that Polygon could be on the brink of a major move due to a pattern in an on-chain indicator.<\/p>\n

Polygon Whale Transactions Have Shot Up Recently<\/h2>\n

In a new post<\/a> on X, analyst Ali has pointed out how the whales have shown a notable surge in activity on the MATIC network recently. The relevant indicator here is the “whale transaction count<\/a>,” which keeps track of the total number of Polygon transfers happening on the blockchain that exceed a value of $100,000.<\/p>\n

When the value of this metric is high, it means that the a large amount of such transactions are taking place right now. Such a trend is a sign that the whale<\/a> entities have an active interest in trading the cryptocurrency.<\/p>\n

Related Reading: XRP Whales Show Exchange Inflow Activity, Bad Sign For Price?<\/a><\/div>\n

On the other hand, the indicator being low implies the whales are potentially not paying much attention to the asset currently, as they aren’t making too many moves.<\/p>\n

Now, here is a chart that shows the trend in the Polygon whale transaction count over the past month:<\/p>\n

\"Polygon<\/p>\n

The value of the metric appears to have been quite high in recent days | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the Polygon whale transaction count has observed a sharp rise in the last few days and has attained high levels not seen at any point during the past month.<\/p>\n
In the chart, Ali has also attached the data for another version of the metric that keeps track of only the MATIC transactions that are carrying a value of at least $1 million.<\/p>\n
These massive transactions are the ones more likely to move the market and it would appear that they have also gone up in number recently, implying that the whales haven’t been shy of moving around large stacks.<\/p>\n
“Such significant movements often signal impending price changes,” explains the analyst in the post. “So we could be on the brink of a major MATIC <\/span>price move!”<\/span><\/p>\n
Any volatility<\/a> that may arise of this high whale activity, however, could theoretically go in either direction, as the whale transaction count only tells us whether the whales are active or not, and doesn’t contain any info about whether buying or selling is dominant.<\/p>\n
Related Reading: Ethereum Retests Breakout Zone, Analyst Sets $3,500 Target<\/a><\/div>\n
Considering that the transactions have spiked after the price has registered a significant drawdown from its recent local top above $0.94, though, it’s possible that the whales are making these moves to buy at the current relatively low prices.<\/p>\n
It now remains to be seen how the Polygon price develops in the coming days given the high amount of trading activity that the whales have been participating in.<\/p>\n
MATIC Price<\/h2>\n
Following the recent plunge, Polygon hasn’t been moving much in the last few days as its price has gone rather stale below the $0.80 level. The below chart shows how the cryptocurrency has performed during the last 30 days.<\/p>\n
\"Polygon<\/p>\n
The price of the coin seems to have gone through a large drawdown just a while ago | Source: MATICUSD on TradingView<\/a><\/pre>\n
Featured image from GuerrillaBuzz on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
A cryptocurrency analyst has explained that Polygon could be on the brink of a major move due to a pattern in an on-chain indicator. Polygon Whale Transactions Have Shot Up Recently In a new post on X, analyst Ali has pointed out how the whales have shown a notable surge in activity on the MATIC network recently. The relevant indicator here is the “whale transaction count,” which keeps track of the total number of Polygon transfers happening on the blockchain that exceed a value of $100,000. When the value of this metric is high, it means that the a large amount of such transactions are taking place right now. Such a trend is a sign that the whale entities have an active interest in trading the cryptocurrency. Related Reading: XRP Whales Show Exchange Inflow Activity, Bad Sign For Price? On the other hand, the indicator being low implies the whales are potentially not paying much attention to the asset currently, as they aren’t making too many moves. Now, here is a chart that shows the trend in the Polygon whale transaction count over the past month: The value of the metric appears to have been quite high in recent days | Source: @ali_charts on X As displayed in the above graph, the Polygon whale transaction count has observed a sharp rise in the last few days and has attained high levels not seen at any point during the past month. In the chart, Ali has also attached the data for another version of the metric that keeps track of only the MATIC transactions that are carrying a value of at least $1 million. These massive transactions are the ones more likely to move the market and it would appear that they have also gone up in number recently, implying that the whales haven’t been shy of moving around large stacks. “Such significant movements often signal impending price changes,” explains the analyst in the post. “So we could be on the brink of a major MATIC price move!” Any volatility that may arise of this high whale activity, however, could theoretically go in either direction, as the whale transaction count only tells us whether the whales are active or not, and doesn’t contain any info about whether buying or selling is dominant. Related Reading: Ethereum Retests Breakout Zone, Analyst Sets $3,500 Target Considering that the transactions have spiked after the price has registered a significant drawdown from its recent local top above $0.94, though, it’s possible that the whales are making these moves to buy at the current relatively low prices. It now remains to be seen how the Polygon price develops in the coming days given the high amount of trading activity that the whales have been participating in. MATIC Price Following the recent plunge, Polygon hasn’t been moving much in the last few days as its price has gone rather stale below the $0.80 level. The below chart shows how the cryptocurrency has performed during the last 30 days. The price of the coin seems to have gone through a large drawdown just a while ago | Source: MATICUSD on TradingView Featured image from GuerrillaBuzz on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":566344,"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":[40670,76656,83584,90939,90940,90938,87844],"class_list":["post-566334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matic","tag-matic","tag-maticusd","tag-polygon","tag-polygon-major-move","tag-polygon-volatility","tag-polygon-whale-transactions","tag-polygon-whales"],"acf":[],"yoast_head":"\nAnalyst Says Polygon (MATIC) On Brink Of Major Move, Here's Why<\/title>\n<meta name=\"description\" content=\"A cryptocurrency analyst has explained that 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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:\/\/www.uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Says Polygon (MATIC) On Brink Of Major Move, Here’s Why","url":"http:\/\/www.uniquehot.com\/news\/matic\/analyst-polygon-brink-major-move-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.uniquehot.com\/news\/matic\/analyst-polygon-brink-major-move-heres-why\/"},"thumbnailUrl":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2023\/12\/guerrillabuzz-rISmip9iFHA-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2023\/12\/guerrillabuzz-rISmip9iFHA-unsplash.jpg?fit=5760%2C3240"},"articleSection":"MATIC","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","maticusd","polygon","polygon major move","polygon volatility","polygon whale transactions","polygon whales"],"dateCreated":"2023-12-21T16:00:29Z","datePublished":"2023-12-21T16:00:29Z","dateModified":"2023-12-21T16:00:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says Polygon (MATIC) On Brink Of Major Move, Here’s Why\",\"url\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/matic\\\/analyst-polygon-brink-major-move-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/matic\\\/analyst-polygon-brink-major-move-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/guerrillabuzz-rISmip9iFHA-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/guerrillabuzz-rISmip9iFHA-unsplash.jpg?fit=5760%2C3240\"},\"articleSection\":\"MATIC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"maticusd\",\"polygon\",\"polygon major move\",\"polygon volatility\",\"polygon whale transactions\",\"polygon whales\"],\"dateCreated\":\"2023-12-21T16:00:29Z\",\"datePublished\":\"2023-12-21T16:00:29Z\",\"dateModified\":\"2023-12-21T16:00:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2023\/12\/guerrillabuzz-rISmip9iFHA-unsplash.jpg?fit=5760%2C3240","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/566334"}],"collection":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/comments?post=566334"}],"version-history":[{"count":0,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/566334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media\/566344"}],"wp:attachment":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media?parent=566334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/categories?post=566334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/tags?post=566334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}