- Recently, 3 million MATIC were transferred to the Kraken exchange.
- MATIC is down more than 2% in the last 24 hours.
A wallet that received Polygon (MATIC) a few weeks ago recently transferred part of its assets to the exchange. Has this transaction resulted in any reaction from MATIC tokens?
More than 3 million polygons moved to the exchange
recent data spot on chain This indicates that a significant wallet has deposited 3 million MATIC tokens on the Kraken exchange. Analysis shows that the value of deposited MATIC is approximately $2.85 million.
Despite these deposits, the wallet still holds approximately 16.8 million MATIC, worth more than $16 million.
In particular, this wallet is associated with the ZK Rollup Network, acquired by Polygon in 2021, sparking speculation as to whether this deposit signals the start of a sale or is a one-time event.
Polygon volume increases.
CoinMarketCap’s examination of Polygon volume over the past 24 hours shows an increase of nearly 8%. Further analysis of Santiment’s volume trends over the past two days shows that volume has reached levels not seen for several weeks.
On February 16, trading volume increased to approximately $640 million, the highest since January 13. At the time of writing, the trading volume was around $569 million, indicating a significant increase in MATIC trading volume over the past few days.
Source: Santiment
MATIC still maintains a strong bullish trend.
Analysis of Polygon daily timeframe price charts reveals a continuous upward trend despite intermittent downward trends. Despite these fluctuations, the chart showed the biggest upward trend in recent weeks on February 16th.
MATIC rose 6.85% to close at about $0.95. This price level has not yet been reached since around January 11th, and MATIC has declined significantly since then.
At the time of writing, it was trading at around $0.93, down more than 2%.
Source: Trading View
Realistic or not, here is the MATIC market cap in BTC:
Additionally, the recent price decline has also had an impact on the Relative Strength Index (RSI).
While RSI was moving towards overbought territory, the recent price decline continued the downward trend. As of this writing, RSI remains above 60 and below 65.