Whales selling Polygon: what this could mean for MATIC

Polygon price has been consolidating over the past month

Last week, whales sold more than 21 million MATIC tokens,

A noticeable decrease in coin transaction volumes is a bearish catalyst.

Polygon investors are losing confidence in MATIC's recovery, and this could be bad for the coin's price

If Polygon holders continue to show pessimism, MATIC price may continue to fail in its attempts to make a bullish breakout.

Polygon whales unload their supplies

Investors are losing confidence in Polygon. This can be seen by the way the whales have been dumping coins in the last few days. In just a week, addresses holding between 1 million and 10 million MATIC sold more than 21 million tokens. As a result, their stocks fell to a three-month low.

Sales of $14.7 million show that the big players are trying to recoup their losses. The lack of recovery convinced the whales to retreat and lock in as much profit as possible. Traditionally, accumulation of an asset by whales promotes recovery and growth, while selling causes the price to fall.

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