Crypto News- In a recent development, the Polygon (MATIC) network witnessed its most substantial transaction since July 2023, as reported in a post shared on the market intelligence platform Santiment. According to the post, a notable whale executed a transfer involving approximately 37 million MATIC tokens, moving them from a Proof of Stake (PoS) wallet to another wallet that has been in existence for three years. The total value of this token transfer was estimated at a staggering $20.7 million.
MATIC’s Biggest Whale Led to Price Rise
Santiment also suggested that this significant whale transaction might have played a role in MATIC’s remarkable 4% intraday price surge, a standout performance in contrast to the broader cryptocurrency market, which experienced price declines.
However, it’s worth noting that the daily candle close revealed that MATIC was not entirely immune to the overall market downturn. According to data sourced from CoinMarketCap, MATIC did witness a slight 0.66% price dip over the past 24 hours. This brought MATIC’s trading value to $0.5584 at the time of the report, coming close to its lowest point within the 24-hour timeframe, which was recorded at $0.5523.
Despite this recent price adjustment, MATIC had impressively accrued a gain of over 9% in value over the course of the preceding week. Additionally, MATIC’s 24-hour trading volume experienced a robust increase of more than 18%, reaching a total of $365,236,519 at the time of the report.
With a market capitalization of $5,194,671,819, MATIC held the 13th position among cryptocurrencies, trailing closely behind Dai (DAI) in the 12th position, which had a market capitalization of $5,342,895,007, and surpassing Polkadot (DOT) in the 14th position.
From a technical standpoint, MATIC was actively striving to overcome the notable resistance level at $0.5700. A successful breach of this key price point could potentially establish it as a solid support level, paving the way for MATIC to gather the necessary momentum to continue its ascent toward $0.6435.
However, if MATIC fails to surpass the $0.5700 barrier within the next 48 hours, it might trigger some traders to consider offloading their MATIC holdings. Consequently, the altcoin could undergo a correction in value, potentially retracing to the immediate support level at $0.4890 over the ensuing couple of days.
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