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- Over the past few days, over $3 million in MATIC and LINK have been accumulated.
- The values of MATIC and LINK have increased in the last 24 hours.
Depending on the Look on chainOn December 20, the newly created wallet withdrew 24,860 Chainlink (LINK) tokens worth $3.5 million and 5 million Polygon (MATIC) tokens worth $3.13 million from the Binance (BNB) exchange.
How do these recent accumulations compare to the current exchange flows of these assets?
Polygon and Chainlink exhibit different accumulation patterns.
As a result of the above report, AMBCrypto analyzed Polygon’s exchange flows through CryptoQuant and found that recent accumulation by new wallets has not been able to cope with significant inflows.
At the time of this update, MATIC’s exchange flow remained positive. It hit a record high of 15.4 million in recent days.
This means that a significant amount of MATIC tokens are entering exchanges and overwhelming the accumulated volume.
Source: CryptoQuant
In comparison, Chainlink showed an accumulation pattern based on exchange flow. The chart shows the outflow trend over the past few days as indicated by negative exchange net flows.
As of this writing, NetFlow is around -411,565. The current trend suggested that holders would maintain their positions rather than sell.
Source: CryptoQuant
MATIC and LINK show some recovery
AMBCrypto analyzed Polygon’s daily timeframe price movements to uncover the reasons for the recent surge in inflows to the exchange. The chart shows a recent decline in price over the past few days.
This decline became more evident as the price fell below the short-term moving average (yellow line). The yellow line was previously used as a support level around the $0.8 price range.
At press time, Polygon is trading at around $0.7, a 1.8% increase in value.
Source: TradingView
Read Polygon (MATIC) Price Prediction for 2023-24
Like MATIC, LINK also fell below the yellow line, but the decline was not as pronounced. At the time of writing, the token is trading at around $14.4, reflecting a slight increase of over 2%.
Additionally, the Relative Strength Index (RSI) line remained below the neutral line, indicating a bearish trend despite recent price gains.
Source: TradingView