MATIC Is Trading Above the $1 Mark as Whales Become Active

The blockchain analysis firm, Santiment, shared some positive metrics that should have Polygon (MATIC) holders excited. According to the tweet made last evening, yesterday marked “the highest amount of $100k+ whale transactions since February this year.”

CoinMarketCap shows that MATIC is currently trading at $1.12 after its price rose 16.81% over the last 24 hours. Furthermore, MATIC also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 15.29% and 15.12% respectively.

MATIC’s daily trading volume has also risen 63.30% during this time period as well, taking the total volume to $1,460,864,251.

Ranked as the 11th biggest crypto project by market cap, MATIC’s market cap now stands at $9,780,288,381. This ranks it below Solana (SOL) with its market cap of $11,505,728,519, and above Polkadot (DOT) with its market cap of $7,527,528,472.

Daily chart for MATIC/USDT (Source: CoinMarketCap)

The price of MATIC dropped to the daily 20 EMA level as market makers gathered the liquidity that fueled the pump in MATIC’s price that took place over the last 2 days. This pump has seen MATIC’s price effortlessly rise above the daily 9 and 20 EMA lines. As a result, MATIC’s price is currently being held up by the 9 EMA line.

Daily technical indicators are bullish for MATIC as the 9 EMA is positioned above the 20 EMA line and is breaking away from the 20 EMA line, which is suggestive of growing bullish sentiment. The daily RSI line has also crossed above the daily RSI SMA line, and is sloped positively toward overbought territory.

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