Polygon ecosystem continues to witness attractive growth in its network. For instance, the Polygon contract address recently released 13.87% of overall circulating tokens to the foundation contract wallet. Meanwhile, this substantial development saw the native token experiencing vital movements.
Down or Up?
Santiment recorded a massive awakening of Polygon addresses after the network’s token unlock. Meanwhile, a substantial amount of dormant coins changed addresses as MATIC’s age consumption increased to the 1.66 trillion massive high. Generally, these spikes signal directional trends for crypto. On the other side, Polygon saw its mean dollar age decreasing, emphasizing that older, dormant wallets move a massive amount of tokens.
Token age consumed index displays the number of assets changing addresses on a given data times the days since their last movement. That’s useful in understanding price movements and upcoming direction. However, this might not be enough to offer precision. Considering other few indexes can clarify whether to execute shorts or longs.
Beware, the MVRV ratio resurged and presented an optimistic effect on the asset’s market value. That showed surging interest in MATIC. Moreover, it indicated that the coin is in an accumulation period.
Whales supported the mentioned tale. WhaleStats’ data shows that the ETH whale bonobo splurged over $14 million within the past few days. It executed the first buy of $1.1M in the coin before acquiring another $1.9M for more than 2.1M tokens.
Meanwhile, all highlighted insights confirmed a massive price action in the near term. It seems to lean to the north side. Nevertheless, an impressive Q2 performance is essential to support the possible surge.
We can’t rule out downturn possibilities for the altcoin. Thus, market players should contemplate everything before massively depending on MATIC. Also, broad market cues can determine the asset’s actions in the near term.
The crypto market maintained price levels seen over the past few sessions. Bitcoin still hovers at $23K following yesterday’s slide beneath the mark. While publishing this blog, the bellwether crypto changed hands at $23,053.21. The marketplace remains unpredictable in the near term as prices could move in either direction.
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