Matic Price Eyes $0.65 As Polygon Transfers $8.1M Tokens to Binance

As a seasoned analyst with over a decade of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The recent developments surrounding MATIC and the Polygon network have piqued my interest, and I believe we are on the cusp of another potential rally.


The price of MATIC is looking poised for a possible surge towards 0.65, driven by notable activities within the Polygon ecosystem. As MATIC trades near pivotal technical points, the recent shift of approximately $8.1 million in MATIC tokens from the Polygon Foundation to Binance exchange has sparked additional interest.

As significant transfers occur concurrently with an uptick in whale activities, the network gears up for a substantial token shift towards POL. With these events unfolding, investors are closely monitoring how these circumstances could influence the price trend of Polygon in the upcoming weeks.

Whale Movements Suggest Imminent MATIC Price Rally

After breaking free from a three-month downtrend, Polygon’s price is gradually showing signs of a bullish recovery. Although it dropped by 3% in the last day, MATIC is now trading at $0.5065. This level appears to be acting as a strong support, and investors are optimistic that a rebound might occur here, potentially lifting the price by approximately 25%, reaching $0.65. Such an upward movement could take place before the transition to POL is scheduled.

Lately, there’s been an increase in significant investor actions on the Polygon network. As the scheduled token migration is just around the corner, some investors might be trying to buy MATIC tokens at cheaper rates before the event, given its imminence.

On August 27th, Santiment detected a surge in significant investor transactions (whale transactions) involving MATIC, recording nine such trades with a total value exceeding $100,000 each. This increase in activity occurred simultaneously with MATIC’s price dropping to $0.5016, its lowest point since the start of the week, implying that large investors might be stockpiling the token in anticipation of upcoming changes.

Additionally, data from IntoTheBlock shows large holders’ netflow was positive on August 26 and has been steadily rising since August 24. This confirms the observation on Santiment that whales may be accumulating MATIC tokens.

Matic Price Eyes $0.65 As Polygon Transfers $8.1M Tokens to Binance

Is Polygon Dumping MATIC Ahead of Migration?

Over a span of five days, the Polygon Foundation moved approximately $8.1 million worth (15.49 million MATIC) to Binance, as per information from Spot on Chain.

The wallet still has 13 million MATIC remaining but is under staking and has been holding the tokens since April 2023, when it received them from the Polygon Fondation contract.

It remains uncertain as to why a digital wallet associated with the Polygon Foundation would transfer tokens to Binance. This action might raise concerns, since transferring substantial amounts of tokens to exchanges often suggests an impending sale.

MATIC Price Forecast: $0.65 In Sight If This Level Holds

Currently, MATIC is positioned on its 50-day Exponential Moving Average (EMA). It’s showing signs of aiming for the 200-day EMA, which lies about 25% higher than its current position at this time.

The Relative Strength Index (RSI) is currently rebounding from its 14-day Simple Moving Average, suggesting that robust bullish energy persists. At the current level of 56.34, there remains significant potential for the price of MATIC to climb towards $0.65.

Matic Price Eyes $0.65 As Polygon Transfers $8.1M Tokens to BinanceTraders should closely watch the Polygon price key support level at $0.5065, as a sustained hold could unlock the potential for significant gains in the lead-up to the upcoming migration to POL.

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2024-08-27 12:38