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.

Also read: Cristiano Ronaldo hit by lawsuit for promotion of unregistered securities at Binance

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

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 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

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

Share: Cryptos feed

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.