Journalist
Posted:
- MATIC’s whale activity has increased in recent weeks.
- As a result, the token’s market capitalization grew by more than 50% in the past three weeks.
Polygon [MATIC] has witnessed a notable increase in its price and market capitalization in recent weeks. While the token’s price has been trading at the price level last seen in July, its market capitalization has grown by 54% over the past three weeks, according to a recent tweet from Santiment.
📈 With #altcoin keep hitting milestones, #Polygon has steadily risen back to $0.80 and increased its market cap by +54% in just 3 weeks. And in the last 2 weeks, the key portfolios hold 100K-10M $MATIC have supported this increase by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK
— Santiment (@santimentfeed) November 9, 2023
The on-chain data provider noted that this upward trajectory has received significant support from major wallets with substantial MATIC holdings ranging from 100K to 10M MATIC, which have been actively accumulating the token over the past two weeks.
As of October 28, this cohort has collected 42.88 million MATIC tokens worth approximately $39.56 million.
Also, the number of daily whale transactions valued at over $100,000 has steadily increased since the beginning of the month. During the trading session on November 8, 161 MATIC trades over $100,000 were completed. This represented the highest number of days since July.
MATIC bulls have complete control
At the time of writing, the altcoin was exchanging hands at $0.8144 and growing 21% over the past week.
According to AMBCrypto’s analysis, the bullish nature of the current MATIC market was evident from the readings of the Awesome Oscillator indicator, which has only shown green histogram bars above the zero line since the beginning of November.
When an asset’s Awesome Oscillator is positioned this way, it means that its short-term moving average is consistently higher than its long-term moving average (34 period). It also suggests that the assets are in a strong uptrend and bullish momentum is increasing.
Underscoring the strong buying pressure among spot market traders, MATIC’s On-Balance Volume (OBV) has maintained an uptrend since October 19. At the time of writing, the amount was 47.89 billion, but it has increased by 2% since then.
When an asset’s OBV increases, it means there are more investors buying the asset than selling it.
Is your portfolio green? View the MATIC Profit Calculator
Furthermore, MATIC’s Average Directional Index (ADX), which stood at 51.64 at the time of writing, indicated that this uptrend is strong. When an asset’s ADX is above 50, it indicates that the market trend is robust and will continue for a period of time.
Measurements of the positive directional index (green) and negative directional index (red) showed the former resting above the latter, indicating that the bears would find it difficult to displace the bulls in the short term.
Source: MATIC/USDT on TradingView
