Polygon

<ul>
 <li><em>Large MATIC transactions worth more than $100k and $1 million increased significantly in December.</em></li>
 <li><em>MATIC’s supply in profit presented opportunities for buyers</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/POLYGON" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polygon [MATIC]</a> made sizable gains of 7.77% in the last 24 hours of trading, joining the broader pump in the altcoin market.</p>
<p>At the time of publication, the crypto was exchanging hands at $0.8323, with double-digit gains of 10% over the month, AMBCrypto spotted using <a href="https://coinmarketcap.com/currencies/polygon/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap’s</a> data.</p>
<h4><strong>Whales boost MATIC’s demand</strong></h4>
<p>The latest surge could be a handwork of influential whale investors. As per AMBCrypto’s analysis of Santiment’s data, large transactions worth more than $100k and $1 million increased significantly in December.</p>
<p>The activity particularly picked up this week, with more than 150 such transfers on the 20th of December. As evident, MATIC’s price has pushed higher since then.</p>
<div id="attachment_359980" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359980" decoding="async" class="wp-image-359980 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-359980" class="wp-caption-text">Source: Santiment</p>
</div>
<p>Apparently, whales used these transaction to fill up their coffers. Since the beginning of December, a noticeable spike in addresses holding between 1,000 – 1 million coins was observed.</p>
<div id="attachment_359987" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359987" decoding="async" class="wp-image-359987 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <p id="caption-attachment-359987" class="wp-caption-text">Source: Santiment</p>
</div>
<h4><strong>MATIC presents “opportunities”</strong></h4>
<p>Meanwhile, MATIC’s supply in profit jumped above 42%, with conditions ripe for further accumulation, Santiment noted in an <a href="https://x.com/santimentfeed/status/1737887587463987297?s=20" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">X</a> post.</p>
<p>Comparing the situation with <a href="https://ambcrypto.com/search/BITCOIN" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a>, Santiment said that while the king coin’s supply in profit required caution, MATIC was “comfortably in a opportunity zone.”</p>
<p>Hence, there was a higher likelihood of MATIC pushing further north in the days ahead.</p>
<p>But for that to happen, MATIC had to break a crucial barrier. Popular technical analyst Ali Martinez noted that the crypto traversed in the $0.79-$0.84 range, in which about 39,000 addresses held over 4.24 billion coins.</p>
<p>Martinez said that for MATIC to make further strides, it needed to break out of this zone.</p>
<h4><strong>Inscriptions drive Polygon’s demand</strong></h4>
<p>Just like other blockchains, Polygon was riding on the inscriptions frenzy. According to a Dune&nbsp;<a href="https://dune.com/hildobby/inscriptions" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">dashboard</a> scanned by AMBCrypto. about 32% of all transactions on the network in the last 24 hours&nbsp;were tied to inscription activity.</p>
<p>However, gas fees spent on inscriptions was disproportionately low as just 6.81% of the network’s total fee revenue was through inscriptions.</p>
<p style="text-align: center;">Read&nbsp;<a href="https://ambcrypto.com/predictions/matic-network-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">MATIC’s Price Prediction</a>&nbsp;2023-24</p>
<p>Driven by inscriptions, the total number of transactions settled on the network jumped exponentially over the week.</p>
<p>As per AMBCrypto’s examination of Artemis stats, the count spiked to its all-time high (ATH) level of 3.07 million on 20th December, during which it was the second busiest network across the industry.</p>
<div id="attachment_360021" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Transactions.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-360021" decoding="async" class="wp-image-360021 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Transactions.jpg" alt="" width="546" height="447" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Transactions.jpg 546w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Transactions-300x246.jpg 300w" sizes="(max-width: 546px) 100vw, 546px"></a>
 <p id="caption-attachment-360021" class="wp-caption-text">Source: Artemis</p>
</div>
<p>&nbsp;</p>

As MATIC joins altcoin rally, should you expect more gains

AMBCrypto

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