Whales $5 Million MATIC Transfer Baits Masses to Buy the Dip

Yesterday, the price of Polygon (MATIC) decreased after a whale transferred millions of tokens onto Binance. According to an X post shared by the on-chain analytics platform, Lookonchain, the whale deposited a total of 10.78 million MATIC into Binance in the past 48 hours, and the price of MATIC decreased by 3% shortly thereafter.

The transferred MATIC tokens were estimated to be worth more than $5 million. Lookonchain also revealed in the X post that the whale has approximately 2.72 million MATIC left, which was valued at $1.37 million.

A whale deposited a total of 10.78M $MATIC ($5.5M) into #Binance in the past 26 hours and the price of $MATIC decreased by 3%.

The whale currently has 2.72M $MATIC($1.37M) left.https://t.co/C4VNQ1QDq9 pic.twitter.com/8JcoySfsRP

— Lookonchain (@lookonchain) September 27, 2023

The price of MATIC has started to recover from the whale’s onslaught as CoinMarketCap indicated that its price was up by 0.07%. This meant that the altcoin was trading at $0.5079 at press time, which was right between its 24-hour low of $0.502 and its peak price of $0.5161.

This rise in MATIC’s price could suggest that many people identified MATIC’s discounted price as a buying opportunity. Meanwhile, the altcoin’s 24-hour trading volume settled at around $255,2324,939 at press time, which was an increase of more than 20% from the previous day.

Although things were clearing up for MATIC, the whale’s impact was still evident in the fact that the token’s weekly performance remained in the red zone. CoinMarketCap indicated that MATIC was down 5.13% on the weekly timeframe.

Daily chart for MATIC/USDT (Source: TradingView)

From a technical perspective, MATIC was attempting to retest the crucial support level at $0.4890 at press time. Should the cryptocurrency’s price break below this level, it could be at risk of falling to the subsequent level of $0.4450 in the following few days. Conversely, MATIC rebounding from the $0.4890 support level could lead to it climbing to $0.5700.

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