MATIC Whale Pulls 6+ Million Tokens off of Binance: On-Chain Data

The cryptocurrency whale tracking platform Whale Alert revealed in an X post today that a whale transferred a substantial amount of Polygon (MATIC) tokens out of Binance. According to the post, 6,999,890 MATIC, estimated to be worth $5,895,339, was sent from the leading cryptocurrency exchange to an unknown wallet.

This transfer took place after MATIC recorded a 24-hour gain. According to CoinMarketCap, the price of MATIC rose 1.51% throughout the past day of trading. Subsequently, the altcoin was trading hands at $0.8312 at press time. This positive performance pushed MATIC’s price performance over the past week to above +25% as well.

The significant amount of MATIC tokens sent off of Binance is a positive sign for MATIC holders, as it signals that the whale behind this transaction has no intent of selling these tokens. This could give MATIC the opportunity to rise in the short term, as traders may look to capitalize on the reduced selling pressure on MATIC.

Traders may already be taking advantage of the reduced amount of sell pressure in MATIC’s order books, as CoinMarketCap data indicated that the cryptocurrency’s total trading volume jumped more than 58% over the past 24 hours. Subsequently, MATIC’s daily trading volume was estimated to be more than $819.37 million.

From a technical perspective, MATIC was attempting to overcome the $0.85 resistance level at press time. A break above this barrier might lead to the altcoin continuing its ascent to $1.0785 in the next few days. On the other hand, MATIC failing to close a daily candle above $0.85 in the coming 48 hours could invalidate this bullish thesis.

In this more bearish scenario, the cryptocurrency price may pull back to the immediate support level. This could see MATIC drop to as low as $0.6830.