Whales Move MATIC and 2 Other Cryptos to Cold Wallet: Rally Ahead?
Highlights
- Recent whale activity has shifted large volumes of MATIC, INJ, and RENDER from exchanges to cold storage, signaling long-term investor commitment.
- The Render coin is just 14% away from testing a major resistance at $5.5.
- A falling wedge pattern drives the current correction trend in INJ price.
The crypto market experienced a bullish turnaround in September as investors anticipated a 0.25% rate cut by the US Federal Reserve. Amid this development, whales demonstrated their long-term commitment to cryptocurrencies like MATIC (recently migrated to POL), INJ, and Render, with a significant portion of their holdings being moved from exchanges to cold wallets.
Massive Whale Moves Spark Bullish Sentiment for MATIC, INJ, and Render
Recent data from Santiment highlights notable price anomalies in altcoins like Injective (INJ), Polygon (MATIC), and Render (RENDER) following significant whale activity. The tweet below highlights a massive shift in whale holding, as large volumes on these altcoins are shifted from exchanges waller to cold storage.
Typically, the transition of assets from exchanges reduces the selling pressure, and their transfer to cold wallets accentuates investors’ long-term commitment. Amid the market expectations of a 0.25% rate cut in the coming FOMC meeting, this whale activity further boosts the bullish outlook on the aforementioned assets.
📊 Altcoins such as Injective (INJ), Render (RENDER), and Polygon (MATIC) are among several that saw plenty of price anomalies after whale exchange wallet supply suddenly shifted to whale cold wallet supply. These anomalies are fantastic as both short & long term signals. pic.twitter.com/3oY4URcAb7
— Santiment (@santimentfeed) September 16, 2024
Polygon (POL)
POL, the native cryptocurrency of Polygon, recently migrated from MATIC, currently trades at $0.38 while boosting a market cap of $2.7 Billion. The prevailing downtrend in POL price has shifted sideways $0.35, with two bullish reversals indicating intact demand pressure.
As RSI indicator accentuates the increasing buying pressure, POL price could rally 26% to challenge the overhead resistance trendline.
A potential breakout from this resistance will intensify the bullish momentum and set Polygon rally to $0.5.
Injective (INJ)
The injected coin price shows the formation of a falling wedge pattern in the daily time frame chart. The altcoin resonating between two converging trendlines currently trades at $18.74, a value 64.3% down from the ATH of 52.75. Thus, if the pattern holds, the INJ price is poised for a 7.5% surge to breach the overhead trend line.
A successful breakout will signal the trend reversal and bolster INJ’s price to chase the $40 target.
Render (RENDER)
Similar to POL (MATIC) price behavior, the Render Coin shows a sideways action, stabilizing above the $4 support. Amid the consolidation, the RENDER trades at $4.87 and maintains a market cap of $2.52B.
With the potential market recovery, the altcoin price could surge 14% to challenge a downsloping trendline intact in June 2024. Therefore, if buyers flip the overhead resistance into potential support, the RENDER price could drive a rally past $8.
However, if the overhead trendline stands firm, the Render price could prolong the current correction trend.
Frequently Asked Questions (FAQs)
1. Why are whales moving large volumes of MATIC, INJ, and Render to cold wallets?
2. What is the outlook for Render (RENDER) in the near term?
3. What is driving the bullish outlook for Polygon (POL)?
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