Whales Sell Off Huge Amounts Of MATIC To Book Profits
- Things were looking up for Polygon following some new developments.
- MATIC whales are seeing this as the perfect opportunity to sell off all of their holdings.
- The coin is currently trading at $0.8321 after a 5% drop in price.
Despite the fact that Polygon (MATIC) struggled through the recent crash in the crypto market, things are looking good for the project with its new partnership with the popular crypto exchange Kraken. In addition to this, Instagram’s integration with the Polygon network for minting NFTs is already building more hype for the project.
These new developments have pushed the crypto to trade in a slightly bullish region. Unfortunately, MATIC whales are seeing this as the perfect opportunity to sell off all of their holdings to book profits. This, in turn, has led MATIC’s sell pressure to rise.
One on-chain whale tracker reported that a whale account transferred 9 million MATIC to the Binance exchange to liquidate their holdings.
These whale transactions are significant because they control a significant portion in driving the price fluctuation as selling pressure from these whales can create extreme fear and even a pump-and-dump game.
Well known crypto analyst, SwalowPremium, believes that MATIC will face a more bearish trend if things continue like they are now. He predicts that MATIC could break below the $0.77 level to visit the $0.58-$0.62 consolidation range.
On the other hand, if MATIC is able to hold its price above the support level, the price of the crypto could retest the resistance at $1.01.
MATIC Network / TetherUS 1D (Source: CoinMarketCap)
Data from CoinMarketCap indicates that MATIC is currently trading at $0.8321 after a 5% drop in price over the last 24 hours. The altcoin is also still in the red by more than 6% over the last seven days.
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