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MATIC whales on a buying spree, Polygon’s native token could extend gains

  • MATIC’s large wallet investors scooped up over 120 million MATIC in the past week. 
  • Polygon’s native token is likely to extend gains as on-chain metrics turn bullish. 
  • MATIC price yielded nearly 4% weekly gains and the altcoin could continue its rally. 

MATIC, an Ethereum scaling token, noted a considerable increase in accumulation by large wallet investors in the network. Whales holding between 10 million and 100 million added $90 million worth of MATIC tokens in a two-week timeframe. The scaling token is likely to extend its gains with bullish on-chain metrics.

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MATIC whales scoop up the altcoin

Based on data from crypto intelligence tracker Santiment, MATIC’s large wallet investors, holding between 10 million and 100 million tokens, have added 120 million MATIC to their holdings. In a two-week timeframe, the whales invested $90 million in adding MATIC to their portfolio.

Whales holding between 1 million and 10 million tokens added 10.71 million MATIC tokens to their holdings in the same timeframe. This marks a key milestone for MATIC accumulation alongside the scaling token’s price rally, it supports a bullish outlook on Polygon’s native asset. 

MATIC accumulation by large wallet investors

MATIC accumulation by large wallet investors

On-chain metrics support bullish outlook on MATIC

On-chain metrics like network growth and Market Value to Realized Value (MVRV) support a theory of MATIC price gains. MATIC network growth climbed alongside price in November, as activity remains high in the Ethereum scaling token. There is no bearish divergence, therefore the outlook is bullish to neutral.

MATIC

MATIC network growth 

MATIC’s MVRV, a metric that helps determine the average profit/loss of investors who acquired a token within the 30-day time frame, currently reads -6.008%. MATIC holders who acquired the token within the past thirty days are sitting on unrealized losses and are less likely to shed their holdings. This implies less selling pressure on the asset and a likelihood of an extended price rally in the altcoin.

MATIC MVRV

MATIC MVRV 

At the time of writing, MATIC price is $0.7615. The token has gained 2% in the past 24 hours on Binance.

Author

Ekta Mourya

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.

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