Crypto markets faced significant volatility in October 2023. Moving in line with Bitcoin (BTC), most major crypto asset prices were locked in a correction on Tuesday, October 3, after enjoying a significant rally the day before. However, Polygon (MATIC), whales continue to endure. Can MATIC continue its rise?
Whale Movements
Santiment Feed reported on Tuesday, October 3, that MATIC experienced a 4% jump to $0.568, its highest point since August 2023, while other crypto assets lost early October 2023 gains. emphasized.
🐳 37M $MATIC was moved from a whale PoS address to a 3 year-old wallet today, coinciding with a mild +4% price rise for the 13th market cap asset while the rest of #crypto slumps This was the largest single transaction on the #PolygonNetwork since July. https://t.co/MKKNKDuQJU pic.twitter.com/dTI0qiB1zX
— Santiment (@santimentfeed) October 3, 2023
NEWS CONTINUES BELOW
Santiment noted that MATIC’s latest surge coincided with the on-chain movement of 37 million MATIC (worth approximately $20.7 million), the largest single transaction on the Polygon network since July. Whale activity at Polygon has been on an upward trend this past week.
Koinfinans.com As we reported, as highlighted in IntoTheBlock data, the number of transactions over $100 thousand on the Polygon network increased from 24 on September 26 to 71 on October 3, a huge increase of 195%. At the same time, the volume of these large transactions also increased by a whopping 184%, from 56 million MATIC on September 26 to 159.02 million MATIC on October 3.
While the specific reason for this recent increase in whale activity in the altcoin is unclear, the network has experienced a number of positive developments over the past few days, with Google becoming a validator as the network moves towards its 2.0 roadmap.
What’s Next for MATIC Price?
While a return to $1 remains the immediate goal for many members of the Polygon community, MATIC’s price still faces significant hurdles. First, in the short term, the price continues to face the $0.5778 resistance. Additionally, it appears to be forming a double top pattern on the four-hour chart. Completion of this bearish chart formation could cause the price to drop to $0.5260.
Alternatively, MATIC could get locked in a range between the potential neckline of the double-top formation at $0.5450 and the resistance at $0.5778. These are the levels to watch over the next few days. Because a close above these could indicate the asset’s next direction towards $0.6 or $0.5 in the short term.
Why Is This Important?
Despite Polygon’s many developmental strides, MATIC’s price action has remained largely muted amid a broader apathy towards crypto assets brought on by macroeconomic conditions and the collapse of numerous crypto firms. The lack of action has led to disappointment among investors. However, MATIC’s resistance amid a broader market correction could indicate the potential for a solid finish for 2023.