December 4, 2022

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Whales sell huge amounts of MATIC to book profits from CoinEdition

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Whales Sell Huge Amounts of MATIC to Book Profits After some new developments, things were looking up for Polygon. MATIC whales see this as the perfect opportunity to sell all of their holdings. The coin is currently trading at $0.8321 after a 5% drop in price.

Despite Polygon (MATIC) struggling through the recent crypto market crash, things are looking up for the project with its new partnership with popular crypto exchange Kraken. Additionally, Instagram’s integration with the Polygon network for minting NFTs is already generating more hype around the project.

These new developments have pushed the crypto to trade in a slightly bullish region. Unfortunately, MATIC whales see this as the perfect opportunity to sell all of their holdings to make a profit. This in turn has increased selling pressure on MATIC.

An on-chain whale tracker reported that a whale account transferred 9 million MATIC to the Binance exchange to liquidate its holdings.

These whale transactions are significant as they drive a significant portion of the price volatility as the selling pressure from these whales can induce extreme fear and even pump and dump play.

Well-known crypto analyst SwalowPremium believes that if things continue as before, MATIC will face a more bearish trend. He predicts that MATIC could break below $0.77 to target the $0.58-$0.62 consolidation range.

On the other hand, if MATIC is able to sustain its price above the support level, the crypto’s price could retest the resistance at $1.01.

MATIC Network / TetherUS 1D (Source: CoinMarketCap)

Data from CoinMarketCap shows that MATIC is currently trading at $0.8321 after the price fell 5% in the last 24 hours. The altcoin is also still down more than 6% over the past seven days.

Disclaimer: The views and opinions and all information shared in this price analysis are published to the best of our knowledge and belief. Readers must do their own research and due diligence. Any action taken by the reader is entirely at your own risk. Coin Edition and its affiliated companies shall not be liable for any direct or indirect damage or loss

The post Whales Sell Huge Amounts of MATIC to Book Profits first appeared on Coin Edition.

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