MATIC Price Shoots Another 9% As Polygon Enters New Macro Uptrend
Polygon’s native cryptocurrency continues on its unstoppable rally as the MATIC price shoots another 9% moving closer to $0.90. On the monthly chart, the MATIC price has given a major breakout from the downward trending channel while entering a major macro uptrend going ahead.
$MATIC
Polygon is on the cusp of entering a new macro uptrend#MATIC #Crypto #Polygon pic.twitter.com/hRKqnGBUyr
— Rekt Capital (@rektcapital) November 12, 2023
Institutional Participation on the Rise
Over the last week, the Polygon price has surged more than 27% amid the strong whale accumulation, as MATIC joins the altcoin market rally. Over the last month, the MATIC price has gained a staggering 70%.
Crypto market analysis platform IntoTheBlock reports that Institutional and whale interest in the cryptocurrency sector has notably increased. Specifically, Polygon, an Ethereum scaling solution, has witnessed an extraordinary 3,800% surge in transactions exceeding $100,000 over the past 30 days.
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA
— IntoTheBlock (@intotheblock) November 11, 2023
Also, in other news, the Polygon ecosystem receives positive developments as Immutable, a Web3 gaming platform, reveals a fresh partnership with Ubisoft, a prominent video game creator and publisher. This collaboration aims to create an innovative gaming experience, unlocking additional potential within the Web3 space.
Massive Polygon (MATIC) Tokens Moving to Coinbase
Whale Alert, in a series of posts on X (formerly Twitter), revealed the transfer of more than 55 million Polygon (MATIC) tokens to the Coinbase (COIN) exchange from unidentified addresses. The rapid and substantial volume of these transfers raised concerns, as such movements often suggest an intention to sell when tokens are sent from external sources to exchanges.
🚨 19,896,435 #MATIC (16,443,201 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dCSA4N6H3m
— Whale Alert (@whale_alert) November 12, 2023
However, these transactions haven’t been able to pull down the price of MATIC with the crypto price swiftly surging to $0.87 as of press time.
Regarding circulation, a recent on-chain analysis using Santiment data shows a notable increase in the utilization of MATIC tokens between November 5th and 9th. During this period, MATIC witnessed a price surge from $0.69 to $0.85. Contrary to tokens being introduced into the circulating supply, this uptick in usage indicated strong buying activity in the market, preventing any decline in MATIC’s value.
Although circulation subsequently decreased, the current count of circulating MATIC on the Polygon network has risen to 119.96 million. Given the ongoing accumulation and a potential return to November 9th circulation levels, there is speculation of MATIC reaching $1.