As of December 21, 2023, the overall cryptocurrency market is experiencing a significant price surge, and investors are actively participating in this market. Currently, data from Santiment, an on-chain analytics firm, indicates that the price surge across cryptocurrencies, particularly in Polygon (MATIC), is accompanied by significant activity from whales.&nbsp; Whales activity in MATIC indicates price surge? 
This information is shared by a prominent trader and analyst, Ali, on X (formerly Twitter). This activity suggests that whales are taking advantage of the recent price action in MATIC, as shown in the figure. 
Another reason for the high activity among whales is that MATIC offers scalability solutions for Ethereum, and the broader crypto community is hopeful that the Spot Bitcoin Exchange Traded Fund (ETF) will be approved. This ETF approval is expected to not only benefit Bitcoin but also other top altcoins. 
Presently, MATIC is trading near $0.79, having gained a fair 2.6% upside momentum in the last 24 hours, which might be attributed to these whales. However, over a longer period, specifically the last 7 days, MATIC has experienced over a 9% downside momentum. This downturn might be a key factor motivating the active participation of whales in MATIC, as they perceive it as an opportunity. 
Additionally, this significant activity by whales in the market often indicates that the price of MATIC might be on the verge of a significant shift. Keep an eye out for a major move in the MATIC price soon. Technical analysis by experts on MATIC price 
According to experts’ technical analysis, MATIC has recently found support from a 200 Exponential Moving Average (EMA) and its previous support level. This price support at the 200 EMA and the previous support indicates bullish momentum, with bulls showing high aggression at this price level. On the other hand, a daily time frame analysis of the MATIC chart reveals the formation of a double-bottom price action structure, adding another bullish sign. Additionally, we might see MATIC reaching the $0.94 level in the upcoming days, according to technical analysis. Tradingview (Todayq News) 
Earlier, since the anticipation around the approval of the spot Bitcoin ETF, whales heavily accumulated MATIC as of November 29, 2023, according to a report shared by Todayq News. <a href="https://news.todayq.com/crypto-whales-buy-the-dip-adds-120-million-of-matic/">MATIC whales</a> had accumulated a significant 120 million MATIC, worth nearly $100 million. 
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Whales activity surge in MATIC, will price hit $1?

Todayq News

Other articles published on Dec 21, 2023

AI Smart Speakers – The Silent Guardians Against Domestic Violence

Bitcoin Price Prediction as BTC Hits New Record High for 2023 – How High Can BTC Go in 2024?

AI Continues to Reshape Industries and Society

What are Flash Loans?

Judge denies SBF’s request for sentencing delay

CAKE Coin Price: Bulls Are Ready to Break the Resistance levels

Join our free newsletter for daily crypto updates!