Blockchain intelligence firm Santiment said in a tweet earlier today that a whale had recently discovered Polygon ($95 million worth of money).MATIC) stated that he transferred it to Binance. According to the announcement, this transfer caused the altcoin price to drop below $0.80 for the first time since January 6, 2023.
Since then, the price of MATIC has climbed above the $0.80 level. At the time of writing, CoinMarketCap stated that the Layer-2 crypto is trading at $0.8087. Despite the recovery, MATIC’s 24-hour and weekly performances remained in the red. AltcoinsThe price of . is down 2.85% in the last 24 hours and more than 8% in the last 7 days.
The two market leaders, Bitcoin (BTC) and Ethereum (ETH), have also outperformed MATIC in the past 24 hours. As a result, the crypto has lost more than 7% against BTC and almost 6% against ETH at the time of writing. MATIC is also trading closer to the 24-hour low of $0.7937 and the daily high of $0.8332.
Technically speaking, MATIC broke below the key $0.84670 support level on Monday, turning it into resistance. The bears then sought to break below the next major support level at $0.78147 during yesterday’s trading session. However, the altcoin’s price was able to recover for trading at the time of writing.
If the price of MATIC can retrace a position above the aforementioned $0.84670 mark in the next 24 hours, it will attempt to climb up to $0.91722 in the next few days. Conversely, altcoin price closing the next 2-day trading session below $0.91722 will risk retesting the $0.78147 support soon.
You can find the current market movements here.