While Bitcoin exceeded $ 36,000 with the rise, altcoins also turned green.
While Huobi Token (HT), MINA and PEPE attracted attention with their rise, Santiment examined the rise of Polygon (MATIC).
Stating that MATIC increased by 6.8% in the last 24 hours and by 21.6% in the last week, Santiment attributed this increase to whale accumulation.
Accordingly, while the shared on-chain data shows that MATIC’s whale accumulation has continued strongly over the last few weeks, Santiment pointed out that MATIC increased by 54% in market value in just three weeks.
Santiment also said that over the past two weeks, wallets holding 100,000-10,000,000 MATIC have played a significant role in supporting this upward trend.
“As altcoin breakthroughs continue to occur, Polygon has steadily risen to $0.80, increasing its market cap by +54% in just 3 weeks.
“In addition, key wallets holding 100K-10M MATIC accumulated in the last 2 weeks and supported this rise.”
📈 With #altcoin milestones continuing to fire off, #Polygon has steadily risen back to $0.80 and increased its market cap by +54% in just 3 weeks. And in the past 2 weeks, the key wallets holding 100K-10M $MATIC have supported this rise by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK
— Santiment (@santimentfeed) November 9, 2023
At this point, analysts evaluating Polygon’s price performance said that MATIC’s price broke a decreasing trend, got rid of the 22-month downward trend and made an important move.
According to analysts, if the whale accumulation and buying momentum continues, MATIC’s price could potentially rise 15% and reach $0.9, a critical level for MATIC, or even rise to $1 if the upward trend in MATIC continues.
As MATIC continues to trade at $0.815 at the time of writing, time will tell whether MATIC can continue its rise.
*This is not investment advice.
Read the full article here