{"id":553521,"date":"2023-09-29T16:00:58","date_gmt":"2023-09-29T16:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=553521"},"modified":"2024-06-11T14:29:44","modified_gmt":"2024-06-11T14:29:44","slug":"matic-price-rally-whales","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/matic-price-rally-whales\/","title":{"rendered":"MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges"},"content":{"rendered":"

Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC<\/a> may not be able to hold as well as other altcoins as whales make their move<\/a>.<\/p>\n

Whales Move Tens Of Millions To Exchanges<\/h2>\n

The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth around $5.5 million.<\/p>\n

Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600?<\/a><\/div>\n

Mostly, it was the destination of these tokens that was important which turned out to be the Binance<\/a> crypto exchange. The whale looked to have deposited the tokens to sell them as the MATIC price had taken a quick 3% dive following the deposit.<\/p>\n

\n

A whale deposited a total of 10.78M $MATIC<\/a> ($5.5M) into #Binance<\/a> in the past 26 hours and the price of $MATIC<\/a> decreased by 3%.<\/p>\n

The whale currently has 2.72M $MATIC<\/a>($1.37M) left.https:\/\/t.co\/C4VNQ1QDq9<\/a> pic.twitter.com\/8JcoySfsRP<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) September 27, 2023<\/a><\/p><\/blockquote>\n

MATIC would later recover and move into the green, a price increase that seemed to have prompted more whales to take advantage of the situation. Over the course of the day, whale transaction tracker Whale Alert would report multiple whale transactions all carrying millions of dollars worth of the token toward exchanges.<\/p>\n

The next large transaction was one carrying 11,000,888 tokens worth $5.7 million to the Binance exchange. Another transaction<\/a> followed shortly carrying the exact number of MATIC tokens<\/a> also headed for the Binance exchange<\/a>.<\/p>\n

Within the same hour, the whale tracker also reported 15,826,267 million MATIC being shifted once again to Binance. This transition was carrying approximately $8.2 million worth of tokens. This pointed toward whales looking to dump<\/a> large portions of holdings.<\/p>\n

\n

\ud83d\udea8 15,826,267 #MATIC<\/a> (8,199,632 USD) transferred from unknown wallet to #Binance<\/a>https:\/\/t.co\/fgGpVb7id0<\/a><\/p>\n

\u2014 Whale Alert (@whale_alert) September 28, 2023<\/a><\/p><\/blockquote>\n

\"Polygon<\/p>\n

MATIC price resting at $0.52 | Source: MATICUSD on Tradingview.com<\/a><\/pre>\n
MATIC Price Could Suffer Drawdown<\/h2>\n
The massive amounts of tokens being shifted toward centralized exchanges could mean that the whales are beginning to offload some of their holdings to avoid further losses. In this case, it is not farfetched to say that the altcoin\u2019s rally over the last day might be a brief one. Such a fall could easily see the MATIC price fall back to $0.51 as bears retest the support at $0.5.<\/p>\n
Related Reading: Analyst Presents 4 Charts That Prove Crypto Is Not Dead<\/a><\/div>\n
However, all hope is not lost for the MATIC price as the coin still holds some bullishness. As one TradingView analyst points out, if the altcoin is able to break out<\/a> from its current descending triangle, then the price could rally over 50%.<\/p>\n
\"MATIC<\/p>\n
MATIC could see an upside to $0.9 | Source: Tradingview.com<\/a><\/pre>\n
The analyst puts the first target of this rally at the $0.9 level as well, which is an almost 100% price increase from here. But MATIC will continue to face opposition from bears, making it a tricky situation.<\/p>\n
At the time of writing, the MATIC price is resting above $0.5232, enjoying 3.06% gains in the last day.<\/p>\n
Featured image from Cryptopolitan, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC may not be able to hold as well as other altcoins as whales make their move. Whales Move Tens Of Millions To Exchanges The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth around $5.5 million. Related Reading: IPO Frenzy: What Happens To XRP Price If Ripple Stock Climbs To $600? Mostly, it was the destination of these tokens that was important which turned out to be the Binance crypto exchange. The whale looked to have deposited the tokens to sell them as the MATIC price had taken a quick 3% dive following the deposit. A whale deposited a total of 10.78M $MATIC ($5.5M) into #Binance in the past 26 hours and the price of $MATIC decreased by 3%. The whale currently has 2.72M $MATIC($1.37M) left.https:\/\/t.co\/C4VNQ1QDq9 pic.twitter.com\/8JcoySfsRP \u2014 Lookonchain (@lookonchain) September 27, 2023 MATIC would later recover and move into the green, a price increase that seemed to have prompted more whales to take advantage of the situation. Over the course of the day, whale transaction tracker Whale Alert would report multiple whale transactions all carrying millions of dollars worth of the token toward exchanges. The next large transaction was one carrying 11,000,888 tokens worth $5.7 million to the Binance exchange. Another transaction followed shortly carrying the exact number of MATIC tokens also headed for the Binance exchange. Within the same hour, the whale tracker also reported 15,826,267 million MATIC being shifted once again to Binance. This transition was carrying approximately $8.2 million worth of tokens. This pointed toward whales looking to dump large portions of holdings. \ud83d\udea8 15,826,267 #MATIC (8,199,632 USD) transferred from unknown wallet to #Binancehttps:\/\/t.co\/fgGpVb7id0 \u2014 Whale Alert (@whale_alert) September 28, 2023 MATIC price resting at $0.52 | Source: MATICUSD on Tradingview.com MATIC Price Could Suffer Drawdown The massive amounts of tokens being shifted toward centralized exchanges could mean that the whales are beginning to offload some of their holdings to avoid further losses. In this case, it is not farfetched to say that the altcoin\u2019s rally over the last day might be a brief one. Such a fall could easily see the MATIC price fall back to $0.51 as bears retest the support at $0.5. Related Reading: Analyst Presents 4 Charts That Prove Crypto Is Not Dead However, all hope is not lost for the MATIC price as the coin still holds some bullishness. As one TradingView analyst points out, if the altcoin is able to break out from its current descending triangle, then the price could rally over 50%. MATIC could see an upside to $0.9 | Source: Tradingview.com The analyst puts the first target of this rally at the $0.9 level as well, which is an almost 100% price increase from here. But MATIC will continue to face opposition from bears, making it a tricky situation. At the time of writing, the MATIC price is resting above $0.5232, enjoying 3.06% gains in the last day. Featured image from Cryptopolitan, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":553525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[40670,89524,86442,87845,76656,79614,83584,89525],"class_list":["post-553521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-matic","tag-matic-news","tag-matic-price","tag-matic-whales","tag-maticusd","tag-maticusdt","tag-polygon","tag-polygon-news"],"acf":[],"yoast_head":"\nMATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges<\/title>\n<meta name=\"description\" content=\"Bitcoin has recovered over the last day after gaining momentum and pulling up the likes of the MATIC price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges","url":"http:\/\/wncen.com\/news\/matic-price-rally-whales\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/matic-price-rally-whales\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/MATIC-price-whales.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/MATIC-price-whales.jpeg?fit=1600%2C900"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic news","matic price","matic whales","maticusd","maticusdt","polygon","polygon news"],"dateCreated":"2023-09-29T16:00:58Z","datePublished":"2023-09-29T16:00:58Z","dateModified":"2024-06-11T14:29:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/matic-price-rally-whales\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/matic-price-rally-whales\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/MATIC-price-whales.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/MATIC-price-whales.jpeg?fit=1600%2C900\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic news\",\"matic price\",\"matic whales\",\"maticusd\",\"maticusdt\",\"polygon\",\"polygon news\"],\"dateCreated\":\"2023-09-29T16:00:58Z\",\"datePublished\":\"2023-09-29T16:00:58Z\",\"dateModified\":\"2024-06-11T14:29:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/MATIC-price-whales.jpeg?fit=1600%2C900","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=553521"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/553521\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/553525"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=553521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=553521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=553521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}