As Whales Go on a Buying Spree, Polygon Rallies

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As buy orders pile up, MATIC appears to be poised for more gains.

MATIC, Polygon’s native cryptocurrency, looks to have begun a new upswing fuelled by whales buying tokens at a discount.

MATIC Is Aiming for Higher Highs

The MATIC token from Polygon is rising.

According to Santiment, a behavior analytics platform, demand for Polygon is rapidly increasing. According to the token’s supply distribution, the number of addresses owning 100,000 to 10,000,000 MATIC has increased by almost 9.34 percent in the previous few weeks.

Since July 20, around 67 whales have joined the Polygon network.

At first sight, the rising number of major investors backing the distributed ledger company may appear modest. Even yet, given that these whales have MATIC worth between $135,000 and $13.5 million, the unexpected increase in purchasing demand is significant.

Polygon Supply Distribution by Santiment
Source: Santiment

Prices have risen as the number of buy orders has increased. As a result, MATIC has surged by more than 20% in the previous 24 hours alone, with lots of space to go higher.

The only substantial supply hurdle ahead of Polygon, according to transaction history, is $1.83. More than 23,500 locations have already ordered 173 million MATIC at this pricing point.

Polygon is also sitting on top of a critical demand barrier, according to IntoTheBlock’s Global In/Out of the Money (GIOM) model. Over 685,000 MATIC were purchased between $1.21 and $1.36 by more than 5,000 addresses.

The eighth-largest cryptocurrency by market value appears set to continue its upward trajectory as long as this support wall holds. However, if the $1.21 to $1.36 barrier is breached, investors could expect a drop to the next important demand zone, around $0.83.

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