Like other altcoins, the price of Polygon’s MATIC token has been soaring. According to CoinMarketCap, MATIC’s value was $.080 at press time. The increase in price represents a 21.15% hike in the last seven days. Besides its price action, the market cap of MATIC has also risen by ...
- Addresses holding between 100,000 to 10 million MATIC have been accumulating.
- Should MATIC retrace to $0.78, buying momentum may send it above $0.90.
- Open Interest increased alongside the price action, indicating surging bullish momentum.
Like other altcoins, the price of Polygon’s MATIC token has been soaring. According to CoinMarketCap, MATIC’s value was $.080 at press time. The increase in price represents a 21.15% hike in the last seven days. Besides its price action, the market cap of MATIC has also risen by 54% in the last three weeks, according to data shared by on-chain analytic platform Santiment.
Santiment, in its November 9 post on X, noted that addresses holding between 100,000 to 10 million MATIC tokens have been accumulating heavily in the last two weeks. The surge in accumulation by these whales means there was an increase in buying pressure for MATIC. Hence, it was almost inevitable for the price not to increase, combined with the widespread bullish sentiment in the market.
The post Whale Accumulation Behind MATIC’s Rise Above $0.80: Santiment appeared first on Coin Edition.