According to data from onchain analytics platform Spotonchain, a fresh wallet has withdrawn 6.72 million MATIC tokens from Coinbase Prime. This large-scale accumulation comes as MATIC’s price tests key support levels, sparking discussions about potential price movements.
Whale Accumulates Polygon (MATIC)
The wallet, identified as 0x83096bd7494a3ccc73fdab6f149408f3e11ac996, made two separate withdrawals from Coinbase Prime within a three-hour period. The first transaction involved 3.33 million MATIC, followed by another 3.39 million MATIC withdrawal.
The total value of these transactions is estimated at $3.85 million, with an average purchase price of $0.572 per token. Interestingly, this wallet has not engaged in any other token accumulation or trading activities.
The focused accumulation of MATIC suggests a strong conviction in the token’s potential. However, the motivations behind this large purchase remain speculative.
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Polygon (MATIC) Price Forecast
The whale activity coincides with MATIC’s price hovering near critical support levels. Crypto analyst Morecryptoonline shared insights on MATIC’s price action, stating, “The price needs to reach $0.67+ in 5 waves to indicate that a low has formed in wave 2.”
The analyst noted a lack of upside momentum, maintaining that the situation remains unchanged with $0.49 as the invalidation point.
Supporting this analysis, BabyyBlockChain observed, “$MATIC drops to the support zone and rebounds.” The analyst suggests that the strong support level presents an opportunity for mid-term gains.
This perspective aligns with the recent whale accumulation, potentially indicating bullish sentiment among larger investors.
Market Implications
The convergence of whale accumulation and price support tests creates an intriguing scenario for MATIC. While large purchases often signal confidence, the token’s price action remains tentative. Traders and investors are closely monitoring whether this accumulation will translate into an upward price movement.
It’s worth noting that despite the substantial accumulation, MATIC’s price has not shown immediate dramatic changes. This suggests that broader market factors and overall sentiment continue to play crucial roles in determining short-term price movements.
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Show more +Show less – Conclusion
The whale accumulation of 6.72 million MATIC tokens presents an interesting development in the Polygon ecosystem. As the price tests support levels, market participants are keenly watching for potential breakouts or further consolidation. While large accumulations can be bullish signals, investors should consider multiple factors when making investment decisions.
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