Dark clouds are hovering over the crypto market. The leading crypto Bitcoin has seen below the critical support level of $ 20 thousand and is now struggling not to lose this level. Bitcoin’s sharp decline has had a contagion effect, and altcoin projects have also suffered serious altitude loss. A crypto analyst is warning his followers about the recently popular crypto Polygon (MATIC).
Critical level and danger of selling for altcoin!
cryptocoin.comAs you follow, the market is quite complex and along with Bitcoin, most altcoins are trading at critical levels. The analyst points to the critical support level of $1.04 for MATIC. He warns his followers about what will happen if the altcoin, which is currently traded below this level, does not recover this support quickly. As a background to this, the analyst says that if this level cannot be recovered, 21,530 wallets could start selling their 4.21 billion MATIC.
The analyst states that these wallets buy MATIC between $0.99 and $1.07, and suggests that panic selling may bring about a meltdown in the MATIC price. Ali Martinez shared the following on his Twitter account regarding the issue:
Polygon has dropped below critical support! MATIC needs to reclaim $1.04 as support as soon as possible! The rise is needed to prevent 21,530 addresses from panickingly selling 4.21 billion MATIC, which they bought for between $0.99 and $1.07.
Whale has sold millions of MATICs
Data from crypto analytics platform Lookonchain shows that on March 9, an anonymous wallet purchased 50.3 million MATICs worth $53.7 million, then transferred 26.7 million MATIC to Binance for sale. Meanwhile, it should be noted that the transaction in question took place while the altcoin was trading in the $1.07 – $1.09 range. Hence, this trade took place before the analyst fell from the warning level above.
According to its analytics platform, the same whale purchased 153.4 million MATIC between early July 2021 and early September 2022 from two major exchanges, including Binance, for an average price of $1.16. Taking this situation into account, we conclude that the whale sold a third of its MATIC at a loss as a stop-loss. Lookonchain shared the following on his Twitter account:
A MATIC whale just captured 50.27 million MATIC ($53.7 million) and transferred 26.5 million MATIC ($28.4 million) to Binance. Between July 6, 2021, and September 2, 2022, Whale bought 153.4 million MATIC from Binance and Cryptocom for an average price of $1.16.
Ethereum whales store 121 million MATICs
Whale-watching platform WhaleStats announced that a whale named ‘Dwalin’ has purchased 5,401,623 MATIC. This MATIC cache of whales was equivalent to $5,339,174 at the time of purchase. Overall, according to WhaleStats, the top 100 wallets on Ethereum currently hold 121,792,331 MATICs ($150,251,240 in total). This corresponds to 2.98% of the portfolio they created. However, the altcoin that Ethereum whales are most interested in is the popular meme coin Shiba Inu. By the way, we exclude stablecoins USDT and USDC. Whales hold $601,204,724 worth of tokens from SHIB. This amount constitutes 11.94% of their combined portfolios.
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