Polygon On An Ascending Wave? MATIC Rate Jumped Up 60% In Four Days
Polygon (MATIC) showed one of the best results in the cryptocurrency market this week.
The price of MATIC hit $0.50 on June 23, four days after hitting $0.317, the highest level since April 2021, according to CoinGecko.
However, the price of MATIC is still significantly lower compared to the December 2021 high of $2.92.
According to data provided by Santiment, so-called sharks and MATIC sets have accumulated. This differentiates between Polygon token holder levels ranging from 10,000 to 10 million coins. They have added over 8.7% MATIC to their investment portfolios since May 9th.
Interestingly, the price of MATIC fell by 50% over the same period, which indicates the confidence of the whales in its steady recovery.
Buying kits is not necessarily bullish, and IH&S has a 16.5% failure rate. So further price rallies could also encourage whales to dump MATIC for quick profits, and given the strict conditions in other cryptocurrencies and side markets, it may cause a false recovery signal.