Do These Polygon (MATIC) Investors Pose a Threat to the Recent 57% Price Increase?
BRIEF:
• MATIC price has increased by 57% to trade at $1.12, the highest point seen by the altcoin since April 2023.
• A surge in the concentration of short-term traders can be observed along with an increase in the exchange balance by 100 million MATIC.
• Bitcoin is currently the pillar of strength for the Polygon native as their correlation could keep MATIC afloat regardless of selling.
The crypto market is presently elated as Bitcoin has marked a new multi-year high, and its bullish impact can also be noted on MATIC’s price, which has risen by over 57% over the past month.
The altcoin is absorbing the optimism and pushing upwards despite the Polygon token observing potential drawbacks from its investors. Will they be looking to sell soon?
Polygon Traders Switch to Selling
Over the past month, Polygon’s price has seen considerable gains, reaching $1.12 at the time of writing. Unlike Bitcoin, MATIC faced considerable resistance throughout February, but support from its investors kept the rally going , bringing the cryptocurrency to an 11-month high.
The same investors could trigger a decline in the MATIC price as they have seemingly decided to start selling. The total supply of MATIC available on the exchanges noted an increase of 100 million MATIC in the last 12 days, bringing the total holdings to 1.2 billion MATIC.
BRIEF:
• MATIC price has increased by 57% to trade at $1.12, the highest point seen by the altcoin since April 2023.
• A surge in the concentration of short-term traders can be observed along with an increase in the exchange balance by 100 million MATIC.
• Bitcoin is currently the pillar of strength for the Polygon native as their correlation could keep MATIC afloat regardless of selling.
The crypto market is presently elated as Bitcoin has marked a new multi-year high, and its bullish impact can also be noted on MATIC’s price, which has risen by over 57% over the past month.
The altcoin is absorbing the optimism and pushing upwards despite the Polygon token observing potential drawbacks from its investors. Will they be looking to sell soon?
Polygon Traders Switch to Selling
Over the past month, Polygon’s price has seen considerable gains, reaching $1.12 at the time of writing. Unlike Bitcoin, MATIC faced considerable resistance throughout February, but support from its investors kept the rally going , bringing the cryptocurrency to an 11-month high.
The same investors could trigger a decline in the MATIC price as they have seemingly decided to start selling. The total supply of MATIC available on the exchanges noted an increase of 100 million MATIC in the last 12 days, bringing the total holdings to 1.2 billion MATIC.
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