MATIC Price To Fall After 20% Surge? On-Chain Data Suggest This

Polygon (MATIC) price has registered a skyrocketing surge of over 43% over the past 30 days. However, positive sentiments emerging for the crypto industry are not the only possible reasons backing the MATIC price surge. On-chain data suggest that a huge whale transaction may have resulted in a price jump here.

Biggest MATIC movement of 2023

As per the Santimet data, the largest MATIC transfer of this year till now took place on January 25. This exchange came just before the recent 20% jump. It mentioned that 59 million MATIC (approx worth $56 million) were sent to the whale address at the bottom price level that day.

It added that the same whale address is also holding 585k Ethereum (approx worth $921 million). ETH is trading at an average price of $1579, at the press time. Ethereum price is up by 31% over the past 30 days.

However, WhaleAlert reported that a wallet tagged as Polygon was caught moving 9.7 million Polygon in multiple transactions. The whale wallet moved around $10.7 million worth of MATIC to an unknown wallet.

Whales to dump Polygon?

As we dig in, data shows that 30 million MATIC were moved in a single transaction. A whale address moved over $34.3 million worth of MATIC to Binance. This move suggests that whale is looking to sell off Polygon at a higher price in order to book more profit.

While whaleStats reported that Polygon landed on the tally of top 10 token used by trading volume among the biggest 500 BSC whales over the last 24 hours.

Polygon’s MATIC price has jumped by around 5% in the last 24 hours. It is trading at an average price of $1.13, at the press time. However, its 24 hour trading volume has taken a hit of 28% to stand at $824 million.