On Tuesday, Justin Sun initiated the withdrawal of MATIC tokens valued at $705,000 from the Binance platform.
Since October 4, a significant amount of 3 million MATIC tokens has been withdrawn from centralized exchanges by a whale wallet address.
The MATIC token had a weekly increase of more than 25% in its value. The sustainability of the rise is expected due to the observed decrease in supply on exchanges.
The MATIC token, which operates as a Layer 2 scaling solution, has experienced a significant increase in value, resulting in a gain of 26.46% for its holders over the last week. The potential for sustained growth in Polygon's native cryptocurrency is supported by the significant decrease in its availability on exchanges since October 4th.
There is a significant outflow of MATIC tokens from several cryptocurrency exchanges.
Based on the data provided by Lookonchain, a crypto intelligence tracker, it can be observed that Justin Sun executed a withdrawal of 764,740 MATIC tokens, which has an approximate value of $705,000, from the centralized cryptocurrency exchange known as Binance. The withdrawal of MATIC by Sun was one of several made by prominent wallet investors.
On Tuesday, a significant entity in the cryptocurrency market, commonly referred to as a "whale wallet," executed a withdrawal transaction amounting to 1.24 million MATIC tokens, which had an approximate value of $1.14 million. Furthermore, this whale wallet had previously conducted a series of withdrawals between October 4 and November 14, totaling 3 million MATIC tokens, equivalent to a monetary value of $2.77 million.
The sustainability of the token's gains is anticipated to be supported by the reduction of MATIC reserves across various cryptocurrency exchanges and the advancements made by Polygon in the field of game development. Polygon has recently disclosed the notable advancements made by the company in the realm of game production, in collaboration with Immutable. The Game7 report documented the advancements made in the web3 development of both projects.
As of the current writing, the price of MATIC is at $0.9445, exhibiting a daily increase of over 5%. During the previous month, the MATIC cryptocurrency exhibited a return of 82% for its investors, while in the most recent week, it generated a gain of almost 25%.
The technical analyst known as CryptoFaibik has observed that the native token of Polygon is approaching a potential triangle breakout as seen on the weekly chart.
The price of MATIC is anticipated to surpass the upper horizontal trendline of the ascending triangle pattern, accompanied by an increase in trading volume. The formation is commonly regarded as indicative of a positive market sentiment.
If the upper trendline of the ascending triangle is not successfully breached, it may undermine the optimistic perspective and result in a decline of MATIC price towards the lower trendline, namely at $0.59, which serves as a support level.