MATIC Market Watch: Bullish momentum strengthens with $154.3 million traded

Whale activity and on-chain data

Polygon (MATIC) has recently attracted attention for its whale activity. Major exchange Binance recorded two major transfers of 200 million MATIC each, worth about $154.3 million, while OKEx recorded a transfer of 30 million MATIC, worth about $11.45 million. These large transactions often hint at a possible change in the market and could be a signal of accumulation or liquidation

At press time, the price of MATIC was $0.3754, down 0.90% in the past 24 hours.

Technical Analysis

RSI: at 51.74, indicating that the market is in a neutral state, not overbought or oversold, and a price breakout may be possible.

Bollinger Bands: Prices are close to the lower band, which usually indicates oversold conditions and may indicate a price recovery.

MACD: The MACD line (0.0006) is slightly above the signal line (0.0003), showing a slight bullish divergence, but momentum is still weak and needs more confirmation.

On-chain indicators

Net network growth rate: 0.33% Large holder concentration: 0.25% Large transaction growth rate: 2.92%

These data indicate increased whale activity and large holders may be accumulating MATIC in preparation for future price increases.

Summary

Despite bullish whale activity and on-chain data, technical analysis shows that the market trend of MATIC remains uncertain. RSI and MACD show slight bullish signals, but momentum still needs confirmation. For long-term investors, the current whale activity and on-chain signals may be a good time to accumulate MATIC, but short-term traders should operate with caution and wait for stronger market signals.

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