- MATIC worth $705,000 was withdrawn from Binance by Justin Sun early on Tuesday.
- A whale wallet address has pulled a total of 3 million MATIC tokens off centralized exchanges since October 4.
- MATIC yielded over 25% weekly gains. The rally is likely sustainable as supply on exchanges declines.
MATIC, a Layer 2 scaling token, is rallying after yielding 26.46% gains for holders over the past week. Polygon’s native token’s gains are likely sustainable as the altcoin has been leaving exchanges in large volumes since October 4.
Also read: SEC v. Ripple lawsuit still drags on, Judge Torres sets schedule for 2024
MATIC leaves exchanges in large volumes
According to data from crypto intelligence tracker Lookonchain, Justin Sun withdrew 764,740 MATIC tokens worth $705,000 from the centralized crypto exchange Binance. Sun’s MATIC withdrawal was one among others by large wallet investors.
A whale wallet withdrew 1.24 million MATIC, worth $1.14 million, early on Tuesday and a total of 3 million MATIC tokens worth $2.77 million between October 4 and November 14.
MATIC withdrawal from Binance
As MATIC reserves across crypto exchanges reduce and Polygon makes progress in game development, the token’s gains are likely sustainable. Polygon announced the firm’s progress in game development alongside Immutable. The Game7 report recorded the progress of both projects' web3 development.
The @G7_DAO team pulled together massive data & accomplished a huge feat w/ the Game7 report.
— Polygon (Labs) (@0xPolygonLabs) November 14, 2023
The @Immutable x @0xPolygon tech stack continues to succeed, paving the way for the next generation of game development in the Immutable and Polygon ecosystems.https://t.co/I7QKd69MmU pic.twitter.com/pxV3VsCNia
At the time of writing, MATIC price is $0.9445, with more than 5% gains on the day. Over the past month, MATIC yielded 82% gains for holders and over 25% in the past week.
Technical analyst CryptoFaibik noted that Polygon’s native token is on the verge of a triangle breakout on the weekly chart.
MATIC price is set to break the ascending triangle by breaching the upper horizontal trendline with rising volume. It is typically considered a bullish formation.
MATIC/USDT 1-week chart
Failure to breach the upper trendline forming the ascending triangle could invalidate the bullish thesis and send MATIC price to support at $0.59 on the lower trendline.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.