The past day has seen Polygon continue its bullish momentum, with a 6% increase. On-chain data shows that whales are currently very active, contributing to the surge. Over the past week, Polygon’s value has gone up by more than 21%.
Investors in Polygon have had a successful month, with considerable growth in the cryptocurrency. The surge has been particularly notable in the recent period, marking a significant increase in the asset’s value. A chart depicts the rise in MATIC’s rally over the last 30 days.
Polygon has managed to reach the $0.80 level again, a level it has not seen since July. Although it spiked up to $0.84 earlier, it has pulled back slightly since then. Nevertheless, the 6% surge in the last 24 hours is significant. In the past week, MATIC has seen profits of 21%, putting it close to the top of the leaderboard among the top 20 assets by market cap.
The on-chain data suggests that whales are likely playing a crucial role in this rally. According to the on-chain analytics firm Santiment, whales have been particularly active in the market recently. The “whale transaction count” measures the total number of transactions with a value of at least $100,000. This count has been at elevated levels lately, indicating significant involvement from large holders.
The count of Polygon whale transactions has been at high levels, with whales making over 161 transactions per day, the highest level since July. High activity from whales is often indicative of potential volatility, as significant movements from these large holders can affect the market. However, this volatility could lead to movement in either direction, as the whale transaction count only shows the overall number of transactions, not distinguishing between buying and selling.
The data for another metric, the combined supply held by the 100,000 to 10 million MATIC addresses, suggests that whales and sharks have been accumulating the cryptocurrency since October 24th, supporting the rally. The supply held by these key holders may be crucial in the coming days, particularly given the high transaction activity among whales. A significant drawdown in this supply could indicate that these large holders are opting to take profits.