📉 This Entity Sold Nearly 26 Million Polygon (MATIC) in the Last 24 Hours💸

In a surprising move, Celsius has offloaded a staggering 25.76 million MATIC tokens to Binance and Crypto.com, intensifying the selling pressure on Polygon (MATIC). Despite this substantial sell-off, Celsius retains a sizable 34.08 million MATIC, valued at approximately $27.88 million in the current market.

Key Highlights:

🔍 Large Entity Deposit on Centralized Exchanges:

Celsius transferred 22.73 million MATIC (worth $18.79 million) to Binance and 3.02 million MATIC (worth $2.47 million) to Crypto.com. This strategic move has significantly impacted the MATIC market dynamics, prompting concerns among investors.

💼 Celsius Still Holds a Significant Stake:

Even after the deposit, Celsius maintains ownership of 34.08 million MATIC. This suggests a strategic sell-off rather than a complete divestment. The current market rates estimate the retained MATIC value at $27.88 million.

💰 MATIC Price Drops Amidst Controversies:

MATIC, once in the limelight after crossing $1 in December 2023, is now grappling with a 25% decline from its local peak. Analysts view the controversies surrounding Polygon Foundation's MATIC allocation as a contributing factor.

📊 Spotonchain Analysis Raises Concerns:

On-chain analysis platform Spotonchain highlights a consistent drop in MATIC price post each deposit by Celsius. This pattern suggests a correlation between Celsius's actions and the subsequent decline in MATIC value.

📉 Potential Buy Opportunity at $0.55:

Analysts speculate that amidst the turmoil, $0.55 could present a potential buy opportunity for MATIC. The market is closely monitoring the unfolding scenario and assessing the impact of Celsius's ongoing actions.

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