{"id":287415,"date":"2023-01-29T06:00:42","date_gmt":"2023-01-29T00:30:42","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=287415"},"modified":"2023-01-28T18:14:48","modified_gmt":"2023-01-28T12:44:48","slug":"will-polygons-matic-bull-rally-come-to-a-grinding-halt-assessing","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-polygons-matic-bull-rally-come-to-a-grinding-halt-assessing\/","title":{"rendered":"Will Polygon&#8217;s [MATIC] bull rally come to a grinding halt? Assessing&#8230;"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">MATIC, worth $56 million, was transferred to a whale address before its price surged.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Metrics and market indicators supported the bulls at press time.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Polygon [MATIC]<\/span><span style=\"font-weight: 400;\"> became a hot topic of discussion in the crypto space as its price pumped at an unprecedented rate. CoinMarketCap\u2019s<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that MATIC registered double digit growth last week, which helped it re-enter the top 10 club. At press time, it was trading at $1.14, with a market capitalization of more than $9.9 billion.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polygon Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Santiment pointed out an interesting piece of information, however, that gave an understanding of the reason behind MATIC\u2019s bull rally. According to the tweet, on 25 January, the largest MATIC transfer of 2023 thus far took place, which was followed by a price surge. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">MATIC worth $56 million was transferred to a whale address before the price hike. The address already held 585k Ethereum [ETH].\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udc33 On Wednesday, the largest <a href=\"https:\/\/twitter.com\/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$MATIC<\/a> transfer of the year occurred just prior to this +20% pump. This address had already been holding 585k <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> as well. Often times, just one or a few whale addresses is all it takes, like in this <a href=\"https:\/\/twitter.com\/hashtag\/Polygon?src=hash&amp;ref_src=twsrc%5Etfw\">#Polygon<\/a> example. \ud83d\udc40  <a href=\"https:\/\/t.co\/9qALIlE5Lu\">https:\/\/t.co\/9qALIlE5Lu<\/a> <a href=\"https:\/\/t.co\/EjqIOld5ml\">pic.twitter.com\/EjqIOld5ml<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1619169188819652608?ref_src=twsrc%5Etfw\">January 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h3><strong>A trend reversal for MATIC?<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Since a major reason behind this surge was whale activity, a look at MATIC\u2019s on-chain performance would help investors better understand the possibility of a trend reversal. <\/span><\/p>\n<p><a href=\"http:\/\/ambcrypto.com\/polygon-overtakes-solana-by-market-cap-matics-journey-to-moon-guaranteed\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s exchange reserve was <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/matic\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decreasing<\/span><\/a> at press time<span style=\"font-weight: 400;\">, which was a positive signal, as it suggested less selling pressure. The same remained true for the net deposits on exchanges, as they were low, too. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The network\u2019s four-week price volatility increased sharply. Santiment\u2019s chart revealed that <\/span><a href=\"http:\/\/ambcrypto.com\/polygons-defi-presence-causes-surge-in-this-metric-will-matic-rally\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s MVRV Ratio was considerably up, further increasing the chances of a continued uptrend. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, MATIC\u2019s daily on-chain transaction volume in profit registered an uptick, which was also positive.\u00a0<\/span><\/p>\n<figure style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023.png\"><img decoding=\"async\" class=\"wp-image-287416 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/Polygon-on-Polygon-MATIC-13.19.07-28-Jan-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Polygon\u2019s [MATIC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<h3><strong>More good news<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Apart from the aforementioned metrics, a few other things were also working in MATIC\u2019s favor. DeFiLlama\u2019s<\/span> <a href=\"https:\/\/defillama.com\/chain\/Polygon\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> suggested that Polygon\u2019s total value locked was increasing over the past few weeks. It was also recently revealed that MATIC<\/span> <a href=\"http:\/\/ambcrypto.com\/polygons-matic-price-shoots-up-after-recording-handsome-growth-in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">out-performed<\/span><\/a><span style=\"font-weight: 400;\"> Ethereum in terms of daily active addresses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MATIC&#8217;s daily chart also looked pretty bullish. For example, the Exponential Moving Average (EMA) Ribbon indicated a bullish advantage in the market as the 20-day EMA was above the 55-day EMA. The MACD also told a similar story. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the Relative Strength Index was in the overbought zone, which might restrict <\/span><a href=\"http:\/\/ambcrypto.com\/here-is-why-matic-traders-can-expect-selling-pressure-to-increase-at-1-03\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s price from surging further.\u00a0<\/span><\/p>\n<figure id=\"attachment_287417\" aria-describedby=\"caption-attachment-287417\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16.png\"><img decoding=\"async\" class=\"size-full wp-image-287417\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16.png\" alt=\"\" width=\"1814\" height=\"778\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16-1024x439.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16-768x329.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/01\/MATICUSDT_2023-01-28_13-34-16-1536x659.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-287417\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>MATIC, worth $56 million, was transferred to a whale address before its price surged. Metrics and market indicators supported the bulls at press time. Polygon [MATIC] became a hot topic of discussion in the crypto space as its price pumped at an unprecedented rate. CoinMarketCap\u2019s data revealed that MATIC registered double digit growth last week,<a href=\"https:\/\/ambcrypto.com\/will-polygons-matic-bull-rally-come-to-a-grinding-halt-assessing\/\">Continue reading <span class=\"sr-only\">&#8220;Will Polygon&#8217;s [MATIC] bull rally come to a grinding halt? Assessing&#8230;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":287419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[1266],"class_list":["post-287415","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-matic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Will Polygon&#039;s [MATIC] bull rally come to a grinding halt? 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