{"id":339977,"date":"2023-09-01T01:00:51","date_gmt":"2023-08-31T19:30:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=339977"},"modified":"2023-09-01T00:27:05","modified_gmt":"2023-08-31T18:57:05","slug":"polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\/","title":{"rendered":"Polygon&#8217;s pledge to ETH drives confidence; will MATIC whales go easy?"},"content":{"rendered":"<ul>\n<li><em>MATIC experiences a surge in bullish sentiment but the bulls remain subdued.<\/em><\/li>\n<li><em>Assessing whether a sizable bullish play could be in the works.<\/em><\/li>\n<\/ul>\n<p>Bullish excitement is once again taking center stage as the market cools off from the bearish assault that prevailed in August. The MATIC token in particular registered a massive <a href=\"http:\/\/ambcrypto.com\/matic-traders-can-watch-out-for-a-retest-of-this-level-to-sell-the-token\/\">bullish sentiment<\/a> spike but is this a precursor to a significant rally?<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/matic-network-profit-calculator\" target=\"_blank\" rel=\"noopener\">MATIC Profit Calculator<\/a><\/p>\n<hr \/>\n<p><a href=\"http:\/\/ambcrypto.com\/as-polygon-awaits-pip-approval-matic-gets-back-on-track\/\">MATIC<\/a> concluded August with the return of bullish sentiment after an overall bearish month. This was evident from the altcoin&#8217;s weighted sentiment metric which rocketed aggressively in the last three days to a four-week high. This confirmed that investors switched in favor of bullish expectations.<\/p>\n<figure id=\"attachment_339986\" aria-describedby=\"caption-attachment-339986\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-339986 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023.png\" alt=\"MATIC volume and weighted sentiment\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-16.45.09-31-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-339986\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>In addition to the weighted sentiment spike, MATIC\u2019s on-chain volume also went up considerably during the same period. These findings suggested that there was a significant surge in on-chain activity. The timing makes it more interesting considering that MATIC recently bottomed out and has already bounced back slightly from its bottom range.<\/p>\n<p>MATIC peaked at $0.63 during Tuesday\u2019s (29 August) trading session, marking an 18% upside from its August lows. It has since pulled back slightly and exchanged hands at $0.57 at press time.<\/p>\n<figure id=\"attachment_339985\" aria-describedby=\"caption-attachment-339985\" style=\"width: 1350px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSD_2023-08-31_16-42-03.png\"><img decoding=\"async\" class=\"wp-image-339985 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSD_2023-08-31_16-42-03.png\" alt=\"MATIC price action\" width=\"1350\" height=\"742\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSD_2023-08-31_16-42-03.png 1350w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSD_2023-08-31_16-42-03-300x165.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSD_2023-08-31_16-42-03-1024x563.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/MATICUSD_2023-08-31_16-42-03-768x422.png 768w\" sizes=\"(max-width: 1350px) 100vw, 1350px\" \/><\/a><figcaption id=\"caption-attachment-339985\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><strong>Is MATIC ready for a strong rally?<\/strong><\/h4>\n<p>MATIC\u2019s recent upside allowed it to bounce off from the oversold zone. The last time the token was oversold, was in mid-June. The bulls took over and managed to rally by over 50%. Additionally, the ongoing price action suggested that history was repeating itself.<\/p>\n<p>Furthermore, Polygon is actively looking to bolster its commitment to the Ethereum network.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">In collaboration with <a href=\"https:\/\/twitter.com\/WenLlama?ref_src=twsrc%5Etfw\">@WenLlama<\/a>, <a href=\"https:\/\/twitter.com\/phoenixlabsdev?ref_src=twsrc%5Etfw\">@phoenixlabsdev<\/a>, and <a href=\"https:\/\/twitter.com\/hexensio?ref_src=twsrc%5Etfw\">@hexensio<\/a>, we set out to align the growth of the Polygon Ecosystem with continued sustainable support of Ethereum, directly in the core contracts powering Polygon 2.0.<\/p>\n<p>A thread on Polygon Ecosystem&#8217;s commitment to Ethereum.<\/p>\n<p>\u2014 Polygon (Labs) (@0xPolygonLabs) <a href=\"https:\/\/twitter.com\/0xPolygonLabs\/status\/1696974297745555855?ref_src=twsrc%5Etfw\">August 30, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nOne of the main goals of this development will be to streamline yields on deposits in the <a href=\"http:\/\/ambcrypto.com\/ethereum-will-mev-bots-hinder-network-growth\/\">Ethereum<\/a> network. In other words, this focus will allow <a href=\"http:\/\/ambcrypto.com\/will-polygons-gaming-sector-help-matic-stabilize\/\">Polygon<\/a> to maintain its attractive among users. Utility may not necessarily have a major impact on MATIC\u2019s price action. That designation is mainly for the whales. So, let\u2019s take a look at what is happening on the whale side of things.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\">Polygon&#8217;s [MATIC] price prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>According to MATIC\u2019s supply distribution metric, there has been some accumulation recently. Especially from whales holding between 1 million and 100 million MATIC coins (grey and yellow) in the last 24 hours. Furthermore, addresses holding between 100 million and 1 billion MATIC (green) also eased off on sell pressure.<\/p>\n<figure id=\"attachment_339984\" aria-describedby=\"caption-attachment-339984\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023.png\"><img decoding=\"async\" class=\"wp-image-339984 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023.png\" alt=\"MATIC supply distribution\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/Polygon-on-Polygon-MATIC-18.35.42-31-Aug-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-339984\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>While the supply distribution confirmed that some whales have been buying, it also pointed out that the selling pressure may not be over. Addresses holding over 1 billion (red) were still seen contributing to selling pressure.<\/p>\n<p>This same category of whales currently controls over 49% of MATIC\u2019s circulating supply. The same whale category was also responsible for holding back MATIC bulls.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MATIC concluded August with the return of bullish sentiment after an overall bearish month. While this convinced some whales to ease off the selling pressure, some continued taking profits. <\/p>\n","protected":false},"author":63,"featured_media":339987,"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-339977","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>Polygon&#039;s pledge to ETH drives confidence; will MATIC whales go easy? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bullish excitement is once again taking center stage as the market cools off from the bearish assault that prevailed in August. 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While this convinced some whales to ease off the selling pressure, some continued taking profits.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-31T19:30:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/ambcrypto_Visualize_an_image_that_reflects_MATICs_bullish_senti_7f3c3596-3cf8-47c5-b5d3-effef87818b9_1200x900.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michael Nderitu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/nderitu_michael\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Nderitu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"ReportageNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/\"},\"author\":{\"name\":\"Michael Nderitu\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/0f3e9d96bec7b08bb0f729fb02d5fcbf\"},\"headline\":\"Polygon&#8217;s pledge to ETH drives confidence; will MATIC whales go easy?\",\"datePublished\":\"2023-08-31T19:30:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/\"},\"wordCount\":532,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/ambcrypto_Visualize_an_image_that_reflects_MATICs_bullish_senti_7f3c3596-3cf8-47c5-b5d3-effef87818b9_1200x900.png\",\"keywords\":[\"MATIC\"],\"articleSection\":[\"Altcoin\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/#respond\"]}],\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/\",\"name\":\"Polygon's pledge to ETH drives confidence; will MATIC whales go easy? - AMBCrypto\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/polygons-pledge-to-eth-drives-confidence-will-matic-whales-go-easy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/ambcrypto_Visualize_an_image_that_reflects_MATICs_bullish_senti_7f3c3596-3cf8-47c5-b5d3-effef87818b9_1200x900.png\",\"datePublished\":\"2023-08-31T19:30:51+00:00\",\"description\":\"Bullish excitement is once again taking center stage as the market cools off from the bearish assault that prevailed in August. 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