MATIC price posts explosive gains as whales scoop up the Ethereum scaling solution’s tokens
- Large wallet investors accumulated 3.5 million MATIC tokens through the recent crypto bloodbath.
- MATIC price has maintained its uptrend amid rising geopolitical tensions, posting 11% gains overnight.
- Analysts have a bullish outlook on MATIC prices and predict the Ethereum scaling solutions uptrend.
Large wallet investors holding Ethereum have scooped up MATIC in the recent altcoin price drop. The altcoin is one of the most purchased cryptocurrencies by Ethereum whales.
Analysts predict a continuation of MATIC uptrend
Prices of most cryptocurrencies tumbled with the Russian-Ukraine war. Altcoin prices plunged in response to the crisis, wiping out gains from the past two weeks.
Proponents have noted that MATIC price started the week with positive gains before posting a drop. The Russian-Ukraine standoff triggered a massive drop in altcoin prices. Large wallet investors on the Ethereum network accumulated scaling solution MATIC’s token through the bloodbath.
Crypto data aggregator WhaleStats noted that three of the top 1,000 Ethereum whale addresses accumulated the Ethereum scaling solution. The whale 'Kvothe' scooped up 2,700,000 MATIC tokens. The purchase of $3.4 million signaled massive accumulation by large wallet investors, indicative of a price rally in altcoin.
Whales purchased MATIC and LINK, adding to their altcoin portfolio. MATIC has played a key role in the Web3 ecosystem with the spike in the number of decentralized applications and projects.
FXStreet analysts evaluated the MATIC price trend and predicted that the altcoin would double its losses if it continued its downtrend.
#Polygon sees investors fleeing risk assets and getting into safe-havens, $MATIC already lost 13% and could double that if Russia controls important cities in Ukraine. Expect to see further deepening of losses as EU and NATO issue sanctions https://t.co/1pjccRLlkS
— FXScrypto (@FXScrypto) February 24, 2022
Analysts at the YouTube channel Invest and Trade with Jaxx predicted a bounce in MATIC price at $1.5. Analysts believe that the next resistance for MATIC price is at $1.60.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
