Three million MATIC tokens were recently transferred to the Kraken exchange.
MATIC has fallen in price by over 2% in the last 24 hours.
A wallet that received #Polygon [MATIC] a few weeks ago recently transferred assets to the exchange. Did this transaction cause the #MATIC token to react?
According to the latest Spot On Chain data, one significant wallet transferred 3 million MATIC tokens to the #Kraken exchange. The analysis shows that the value of the deposited MATICs is approximately $2.85 million.
Despite this deposit, the wallet still has approximately 16.8 million MATICs worth over $16 million USD.
Notably, the wallet is linked to the ZK roll network acquired by Polygon in 2021, suggesting whether this deposit is the start of a sale or a one-time event.
Examining Polygon's volume over the past 24 hours on CoinMarketCap shows an increase of approximately 8%. Further analysis of Santiment volume trends over the past two days shows that volume has reached levels not seen in recent weeks.
On February 16, volume #rose to about $640 million, the highest since January 13. At the time of writing, volume was around $569 million, indicating a significant increase in trading volume on MATIC over the past few days.
Daily analysis of Polygon's price chart showed an uptrend, albeit with occasional downward fluctuations. Despite these fluctuations, on February 16, the chart showed the largest uptrend in recent weeks.
MATIC rose 6.85% to close at around $0.95. This price level was recorded around January 11, and MATIC has fallen significantly since then.
At the time of this writing, MATIC's price was around US$0.93, which represents a drop of more than 2%.
In addition, the recent drop in price has also affected the Relative Strength Index (RSI).
The RSI index was heading into overbought territory, but has declined with the recent drop in price.
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