{"id":359975,"date":"2023-12-23T00:00:35","date_gmt":"2023-12-22T18:30:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=359975"},"modified":"2023-12-22T14:39:21","modified_gmt":"2023-12-22T09:09:21","slug":"matic-joins-altcoin-rally-are-higher-gains-likely-now","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/matic-joins-altcoin-rally-are-higher-gains-likely-now\/","title":{"rendered":"As MATIC joins altcoin rally, should you expect more gains"},"content":{"rendered":"<ul>\n<li><em>Large MATIC transactions worth more than $100k and $1 million increased significantly in December.<\/em><\/li>\n<li><em>MATIC&#8217;s supply in profit presented opportunities for buyers<\/em><\/li>\n<\/ul>\n<p>Polygon [MATIC] made sizable gains of 7.77% in the last 24 hours of trading, joining the broader pump in the altcoin market.<\/p>\n<p>At the time of publication, the crypto was exchanging hands at $0.8323, with double-digit gains of 10% over the month, AMBCrypto spotted using <a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap&#8217;s<\/a> data.<\/p>\n<h4><strong>Whales boost MATIC&#8217;s demand<\/strong><\/h4>\n<p>The latest surge could be a handwork of influential whale investors. As per AMBCrypto&#8217;s analysis of Santiment&#8217;s data, large transactions worth more than $100k and $1 million increased significantly in December.<\/p>\n<p>The activity particularly picked up this week, with more than 150 such transfers on the 20th of December. As evident, MATIC&#8217;s price has pushed higher since then.<\/p>\n<figure id=\"attachment_359980\" aria-describedby=\"caption-attachment-359980\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023.png\"><img decoding=\"async\" class=\"wp-image-359980 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-11.43.26-22-Dec-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-359980\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>Apparently, whales used these transaction to fill up their coffers. Since the beginning of December, a noticeable spike in addresses holding between 1,000 &#8211; 1 million coins was observed.<\/p>\n<figure id=\"attachment_359987\" aria-describedby=\"caption-attachment-359987\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023.png\"><img decoding=\"async\" class=\"wp-image-359987 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Polygon-MATIC-12.02.38-22-Dec-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-359987\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h4><strong>MATIC presents &#8220;opportunities&#8221;<\/strong><\/h4>\n<p>Meanwhile, MATIC&#8217;s supply in profit jumped above 42%, with conditions ripe for further accumulation, Santiment noted in an <a href=\"https:\/\/x.com\/santimentfeed\/status\/1737887587463987297?s=20\" target=\"_blank\" rel=\"noopener\">X<\/a> post.<\/p>\n<p>Comparing the situation with Bitcoin [BTC], Santiment said that while the king coin&#8217;s supply in profit required caution, MATIC was &#8220;comfortably in a opportunity zone.&#8221;<\/p>\n<p>Hence, there was a higher likelihood of MATIC pushing further north in the days ahead.<\/p>\n<p>But for that to happen, MATIC had to break a crucial barrier. Popular technical analyst Ali Martinez noted that the crypto traversed in the $0.79-$0.84 range, in which about 39,000 addresses held over 4.24 billion coins.<\/p>\n<p>Martinez said that for MATIC to make further strides, it needed to break out of this zone.<\/p>\n<h4><strong>Inscriptions drive Polygon&#8217;s demand<\/strong><\/h4>\n<p>Just like other blockchains, Polygon was riding on the inscriptions frenzy. According to a Dune\u00a0<a href=\"https:\/\/dune.com\/hildobby\/inscriptions\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">dashboard<\/a> scanned by AMBCrypto. about 32% of all transactions on the network in the last 24 hours\u00a0were tied to inscription activity.<\/p>\n<p>However, gas fees spent on inscriptions was disproportionately low as just 6.81% of the network&#8217;s total fee revenue was through inscriptions.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/predictions\/matic-network-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">MATIC\u2019s Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p>Driven by inscriptions, the total number of transactions settled on the network jumped exponentially over the week.<\/p>\n<p>As per AMBCrypto&#8217;s examination of Artemis stats, the count spiked to its all-time high (ATH) level of 3.07 million on 20th December, during which it was the second busiest network across the industry.<\/p>\n<figure id=\"attachment_360021\" aria-describedby=\"caption-attachment-360021\" style=\"width: 546px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Transactions.jpg\"><img decoding=\"async\" class=\"wp-image-360021 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Transactions.jpg\" alt=\"\" width=\"546\" height=\"447\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Transactions.jpg 546w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Transactions-300x246.jpg 300w\" sizes=\"(max-width: 546px) 100vw, 546px\" \/><\/a><figcaption id=\"caption-attachment-360021\" class=\"wp-caption-text\">Source: Artemis<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MATIC&#8217;s supply in profit jumped above 42%, with conditions ripe for further accumulation.<\/p>\n","protected":false},"author":80,"featured_media":359976,"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-359975","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 v28.0 (Yoast SEO v28.4) - 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