MATIC Price Eyes Potential Rally to $0.65 Amid Polygon Network Developments
The price of MATIC is currently positioning itself for a potential rally to $0.65, driven by significant recent movements within the Polygon network. As MATIC trades near crucial technical levels, the Polygon Foundation’s transfer of $8.1 million worth of MATIC tokens to the Binance exchange has added an extra layer of intrigue to the market.
This substantial transfer coincides with increased whale activity and the network’s preparations for a major token migration to POL. Investors are closely monitoring these developments to assess how they may impact Polygon’s price trajectory in the coming weeks.
Whale Movements Suggest Imminent MATIC Price Rally
The Polygon price is gradually turning bullish after breaking out of a three-month bearish trend. Despite a 3% loss in the last 24 hours, MATIC is currently trading at $0.5065, finding support at this level. Investors are optimistic about a potential bounce from this point, which could propel the price by 25% to $0.65, ideally before the upcoming migration to POL.
Recently, the Polygon network has witnessed a surge in whale activity. With only about a week remaining until the anticipated token migration, many investors may be looking to acquire MATIC at lower prices.
- On August 27, Santiment recorded a spike in whale transactions, with nine trades involving large investors holding over $100,000 worth of MATIC.
- This activity occurred when the MATIC price hit $0.5016, its lowest price since the beginning of the week, suggesting that whales are accumulating the token in preparation for the upcoming changes.
- Data from IntoTheBlock shows that large holders’ netflow was positive on August 26 and has been steadily rising since August 24, confirming Santiment’s observation that whales may be accumulating MATIC tokens.
Is Polygon Dumping MATIC Ahead of Migration?
According to data from Spot on Chain, the Polygon Foundation transferred 15.49 million MATIC ($8.1 million) to Binance over the past five days. The wallet still holds 13 million MATIC, which are under staking and have been held since April 2023, when they were received from the Polygon Foundation contract.
It remains unclear why a wallet related to the Polygon Foundation would send tokens to Binance. However, this action is generally not seen as a positive sign, as depositing large amounts of tokens on exchanges often signals a potential sell-off.
MATIC Price Forecast: $0.65 In Sight If This Level Holds
MATIC is currently positioned on the 50-day exponential moving average (EMA), with sights set on the 200-day EMA, which is currently 25% above its current price.
The Relative Strength Index (RSI) is bouncing off its 14-day simple moving average (SMA), indicating that strong bullish momentum is still in place. With the RSI at 56.34, there is still significant upside potential for the MATIC price to reach $0.65.
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