MATIC Price Eyes Potential Rally to $0.65, Fueled by Whale Movements and Network Developments

Polygon price is slowly turning bullish after breaking out of a three-month bearish trend. Despite losing 3% over the last 24 hours

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MATIC price has shown signs of recovery after breaking out of a three-month bearish trend. However, the recent transfer of $8.1 million worth of MATIC tokens to Binance by the Polygon Foundation has raised eyebrows.

As the dust settles on this large-scale transfer, investors are left wondering how these developments will shape the Polygon price trajectory in the coming weeks. Let’s dive into the key takeaways from this latest development.

Whale Activity Hints at Imminent MATIC Price Rally

Polygon price is slowly turning bullish after breaking out of a three-month bearish trend. Despite losing 3% over the last 24 hours, the price of MATIC is currently trading at $0.5065, and support is being found at this level.

Investors are hopeful for a potential bounce from this point, which could propel the price up by 25% to $0.65, ideally before the upcoming migration to POL.

Recently, the Polygon network has seen a surge in whale activity. With only about a week remaining until the anticipated token migration, many investors may be looking to acquire MATIC at lower prices.

On August 27, Santiment recorded a spike in whale transactions, noting nine trades involving large investors holding over $100,000 worth of MATIC. This activity coincided with MATIC price hitting $0.5016, its lowest price since the beginning of the week, suggesting that whales are accumulating the token in preparation for the upcoming changes.

Furthermore, data from IntoTheBlock shows large holders’ netflow was positive on August 26 and has been steadily rising since August 24. This confirms the observation on Santiment that whales may be accumulating MATIC tokens.

Is Polygon Dumping MATIC Ahead of Migration?

The Polygon Foundation transferred 15.49 million MATIC ($8.1 million) to Binance over the past five days, according to data from Spot on Chain.

The wallet still has 13 million MATIC remaining but is under staking and has been holding the tokens since April 2023, when it received them from the Polygon Fondation contract.

It is still unclear why a Polygon Foundation-related wallet would send tokens to Binance. However, it is not a good sign, as depositing large sums of tokens in exchanges generally signals a potential sell-off.

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