Whales are selling huge amounts of MATIC to book profits via CoinEdition

Whales sell huge amounts of MATIC to book profits
  • Things have been looking up for Polygon after some new developments.
  • Whale Matic sees this as the perfect opportunity to sell all of their holdings.
  • The coin is currently trading at $0.8321 after declining its price by 5%.

Despite the fact that Polygon (MATIC) has struggled through the recent crash in the crypto market, things are looking good for the project with its new partnership with popular cryptocurrency exchange Kraken. Additionally, Instagram’s integration with Polygon’s network for minting NFTs is already building up hype for the project.

These new developments pushed the cryptocurrency to trade in slightly bullish territory. Unfortunately, Whale Matic sees this as the perfect opportunity to sell all of their holdings to book profits. This, in turn, led to higher MATIC selling pressure.

One on-chain whale tracker reported that a whale account moved 9 million MATIC to the Binance platform to liquidate their holdings.

These whale transactions are important because they control a large portion of the price volatility as the selling pressure from these whales can create intense fear and even a game of pump and dump.

Well-known cryptocurrency analyst SwalowPremium believes that MATIC will face more downside if things continue as they are now. He predicts that MATIC may break below the $0.77 level to visit the $0.58-$0.62 consolidation range.

On the other hand, if MATIC can sustain its price above the support level, the cryptocurrency price could retest the $1.01 resistance.

MATIC Network / TetherUS 1D (Source: CoinMarketCap)

Data from CoinMarketCap shows that MATIC is currently trading at $0.8321 after a 5% price drop in the past 24 hours. The altcoin is also still in the red, up more than 6% over the past seven days.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss

The post appeared after whales sold huge amounts of MATIC to book profits for their first coin issuance.

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