Polygon (MATIC) Whales Are Buying, But Will It Boost the Price?‼️‼️‼️‼️‼️🚨🚨🚨
Whale transactions on the Polygon network have surged, with over $100 million in transactions valued at $100,000 or more. This usually indicates institutional interest, which can impact the token's price. However, despite this interest, MATIC's price has fallen 4.19% in the last 24 hours to $0.49.
The Market Value to Realized Value (MVRV) ratio suggests that MATIC is close to its bottom, with a 30-day MVRV ratio of -8.32%. This means that if holders sell at the current price, they'll realize a 8.32% loss. However, the In/Out of Money Around Price (IOMAP) metric indicates that MATIC faces resistance at $0.51, which could lead to a price decrease.
In summary, while whale interest is high, MATIC's price may not increase unless the resistance at $0.51 is broken. If the price retraces, it could provide better buying opportunities.
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