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It's Big & Big #alert About $MATIC #WhaleInsights !!!
MATIC down 21% in April: Can 115K Polygon whales turn the tide in May?
MATIC whales fail to move the needle as the altcoin’s value continues to decline.
The count of Polygon [MATIC] whales has rallied in the last month despite the double-digit decline in the value of the Layer-2 (L2) token, according to Santiment’s data.
According to the on-chain data provider, the number of MATIC whales that hold between 1,000 and 1,000,000 tokens has increased by 2% in the past 30 days.
As of this writing, this cohort of MATIC holders was 115,000.
Likewise, bigger whales with between 1,000,000 and 100,000,000 MATIC tokens have increased their accumulation. During the period under review, their count has gone up by 5%.
As of this writing, they held 21% of MATIC’s circulating supply of 9.8 billion tokens.
MATIC is due for further decline
Despite the surge in whale activity in the last month, MATIC’s price has not seen any rally. Its price has declined by 21% within that period, per CoinMarketcap’s data.
At press time, the altcoin exchanged hands at $0.72.
MATIC’s price decline in the last month mirrors the general decline recorded in the cryptocurrency market during that period.
Due to the fall in trading activity, the global cryptocurrency market capitalization has fallen by 11% in the past 30 days, according to CoinGecko’s data.
AMBCrypto assessed MATIC price movements on a 3-day chart and found a significant decline in demand for the L2 token by market participants.
The key momentum indicators observed were below their respective center lines at the time of writing.
For example, MATIC’s Relative Strength Index (RSI) was 38.41, while its Money Flow Index (MFI) was 21.34.
At these values, these indicators showed that the altcoin was oversold, as the bears mounted significant downward pressure on its price.