Why Whales Are Accumulating Huge MATIC Tokens ? Is $4 On Cards This Quarter?

The global coin market, which is home to an ocean of digital assets. Ranging from protocols belonging to L-1s, L-2’s, and diverse sectors of the business.

The industry spectates notable and overwhelming events and achievements of digital assets from its directory. Amongst the plethora of cryptos on offer, Polygon is one such protocol that fails not to impress the masses.

In a recent update, bigger ETH whales have accumulated major chunks of Polygon’s native asset MATIC. The numbers of the purchases stand at 11 Million MATIC tokens, which has enthralled the partisans of the community.

Wherefore, crypto traders are optimistic over the digital asset’s future run and are betting big on the crypto asset.

Is MATIC Now An Apple Of Whale’s Eye?

  Learning from the statistics published by WhaleStats, the bigger ETH whales ranked 392 and 358 have collectively accumulated a total of 11 M MATIC tokens. The whale wallet numbered 392 had made two purchases, which tallied 999,995 and 1,099,990 MATIC tokens.

While the other whale numbered 358 made purchases of 9,043,038 MATIC tokens, USD equivalent of which stood at $13,835,848. The 392nd ranked whale holds a total of $15,130,235 worth of the digital asset, which accounts for over 28% of its portfolio.

Polygon’s (MATIC) Price Projection

Polygon’s MATIC at the time of press is changing hands at $1.56 while scripting gains of 3.33%. The digital asset has been trading in the 24-hours bandwidth from the lows of $1.50 to the highs of $1.59. The volume of trades for around the clock is at $660,729,920, while the market cap of the asset is hovering around $10,785,056,015.

 MATIC has been trading along a narrow range, since its steep downtrend from mid of January. In the interim, the digital asset has been lacking the needed impetus from daily volumes. Which would impel the price towards higher highs.

The crypto asset’s aspired resistance stays higher at $1.80. On the flip side, a slip from current levels could take the digital asset’s price to levels around $1.30, post losing support around $1.45.

Summing up, the fact that bigger investors have been accumulating MATIC has been a praisable feat. That would eventually persuade more L-2s to follow suit.

Moreover, Polygon’s sprawl with NFTs as discussed previously is to take note of. In addition, the event coming from Esports has garnered significant value to Polygon. MATIC in a zoomed-out perspective seems to be in line for a $10 run in near future.

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• Source: https://coinpedia.org/altcoin/why-whales-are-accumulating-huge-matic-tokens-is-4-on-cards-this-quarter/