Polygon

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Chainlink

<ul>
 <li>Over $3 million worth of MATIC and LINK have been accumulated in the past few days.</li>
 <li>MATIC and LINK’s values have increased in the last 24 hours.</li>
</ul>
As per <a href="https://twitter.com/lookonchain/status/1737311138256416861?t=lN6a4mkV-ozs-2Vt2yBILA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Lookonchain</a>, on the 20th of December, newly created wallets withdrew 24,860 <a href="https://ambcrypto.com/search/link" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Chainlink [LINK]</a> tokens, valued at $3.5 million, and 5 million <a href="https://ambcrypto.com/search/polygon" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon [MATIC]</a> tokens, valued at $3.13 million, from the <a href="https://ambcrypto.com/search/bnb" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Binance [BNB]</a> exchange.&nbsp;
How does this recent accumulation compare to the current exchange flow of these assets?
<h4>Polygon and Chainlink see different accumulation pattern</h4>
As a result of the above report, AMBCrypto analyzed CryptoQuant for Polygon’s exchange flow, which indicated that the recent accumulation by the new wallet did not counter the substantial inflow. 
At the time of this update, MATIC’s exchange flow had remained positive. It was at its highest point in recent days, sitting at 15.4 million. 
This signified that a significant amount of MATIC tokens were entering exchanges, overshadowing the volume being accumulated.
<div id="attachment_359693" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359693" decoding="async" class="wp-image-359693 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges.png" alt="Polygon exchange flow" width="2560" height="1612" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges-1024x645.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges-768x484.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges-1536x967.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-Exchange-Netflow-Total-All-Exchanges-2048x1290.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: CryptoQuant
</div>
In contrast, Chainlink exhibited an accumulation pattern based on its exchange flow. The chart illustrated a trend of outflow over the past couple of days, as indicated by the negative exchange netflow. 
As of this writing, the NetFlow was around -411,565. The current trend suggested that holders retained their positions rather than sell.
<div id="attachment_359694" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359694" decoding="async" class="wp-image-359694 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges.png" alt="Chainlink exchange flow" width="4287" height="2700" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges-300x189.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges-1024x645.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges-768x484.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges-1536x967.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Chainlink-Exchange-Netflow-Total-All-Exchanges-2048x1290.png 2048w" sizes="(max-width: 4287px) 100vw, 4287px"></a>
 Source: CryptoQuant
</div>
<h4>MATIC and LINK see slight recoveries&nbsp;</h4>
AMBCrypto’s analysis of <a href="https://ambcrypto.com/polygon-offers-90-mln-worth-of-grants-to-lure-in-developers-details-here/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon’s</a> daily timeframe price movement revealed the reason behind the recent surge in exchange inflow. The chart showed a recent decline in the price over the past few days. 
The extent of this decline became evident as the price dropped below its short-moving average (yellow line). The yellow line had previously served as a support level around the $0.8 price range. 
As of press time, Polygon was trading with a 1.8% increase in value, around $0.7.
<div id="attachment_359695" style="width: 100%" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-359695" decoding="async" class="size-full wp-image-359695" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MATICUSD_2023-12-20_11-15-27.png" alt="MATIC/USD price trend" width="1475" height="785" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/MATICUSD_2023-12-20_11-15-27.png 1475w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MATICUSD_2023-12-20_11-15-27-300x160.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MATICUSD_2023-12-20_11-15-27-1024x545.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/MATICUSD_2023-12-20_11-15-27-768x409.png 768w" sizes="(max-width: 1475px) 100vw, 1475px">
 Source: TradingView
</div>
Read <a href="https://ambcrypto.com/predictions/matic-network-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon’s [MATIC] Price Prediction</a> 2023-24
Like MATIC, LINK experienced a drop below its yellow line, although the decline was not as pronounced. At the time of this writing, the token was trading at around $14.4, reflecting a modest increase of over 2%. 
Furthermore, its Relative Strength Index (RSI) line remained below the neutral line, signaling a bearish trend despite the recent uptick in price.
<div id="attachment_359696" style="width: 100%" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-359696" decoding="async" class="size-full wp-image-359696" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/LINKUSD_2023-12-20_11-27-54.png" alt="LINK/USD price trend" width="1475" height="785" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/LINKUSD_2023-12-20_11-27-54.png 1475w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/LINKUSD_2023-12-20_11-27-54-300x160.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/LINKUSD_2023-12-20_11-27-54-1024x545.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/LINKUSD_2023-12-20_11-27-54-768x409.png 768w" sizes="(max-width: 1475px) 100vw, 1475px">
 Source: TradingView
</div>

MATIC, LINK post recoveries: Is this the reason why?

AMBCrypto

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