The MATICUSD token appears to be facing downward pressure, mirroring the broader trend of declining prices in the current altcoin market. However, there are signs that MATIC may soon shift its trajectory due to a rare and potentially influential catalyst that could lead to increased accumulation in the near future.
Data from the cryptocurrency analytics platform IntoTheBlock (ITB) highlights a significant increase in large transactions involving the MATIC token over the past week. According to ITB’s data, these transactions involving whales have surged by 16.96%, reaching a total of $17.49 million.
In ITB’s definition, whale transactions refer to MATIC transactions valued at $100,000 or more. The sustained accumulation of MATIC by these whales could potentially result in a substantial price reversal.
Furthermore, over the past 24 hours, there has been a notable resurgence in whale transactions, with more than 50 such transactions recorded. This resurgence strengthens the belief that this trend may be here to stay. Additionally, the data reveals a remarkable 459% increase in exchange net flows, positioning MATIC as the top-performing token in this metric among the top 10 digital currencies.
Relying on Strong Fundamentals
Polygon has consistently been among the top-performing tokens in the market. While its growth has generally mirrored the broader market trends, Polygon Labs has remained committed to developing innovative solutions aimed at promoting the adoption of the protocol and its associated token.
One notable development is the announcement of the Polygon 2.0 release schedule, which includes a rebranding of MATIC to POL tokens. This demonstrates Polygon’s continued leadership in providing scaling solutions on the Ethereum blockchain network and intensifying its integration efforts.
Despite the prevailing bearish sentiment in the market, MATIC is currently trading at a price of $0.5626, showing a modest increase of 0.55% over the past 24 hours.