Polygon whales have accrued a further $65 million value of tokens up to now seven days, coinciding with a 12% value enhance for the POL token over the past 30 days. This surge has reignited optimism that the altcoin, previously referred to as MATIC, would possibly recuperate a few of its latest losses.
Nonetheless, some buyers stay cautious, speculating that the present shopping for strain won’t suffice to maintain the momentum. Right here’s an in-depth evaluation of the state of affairs.
Polygon Stakeholders Add 113 Million Tokens to Their Holdings
On November 11, addresses holding between 10 million and 100 million POL tokens in their wallet collectively owned 695.38 million tokens. As we speak, that determine has surged to 852.14 million, displaying that Polygon whales have accumulated over 113 million tokens up to now seven days.
On the present value of the altcoin, this accumulation is valued at roughly $65 million. Sometimes, when crypto whales purchase, it’s a signal {that a} cryptocurrency’s worth might climb. This additionally encourages retail buyers to build up, placing extra upward strain on the value.
Conversely, when crypto whales promote, it usually signifies bearish sentiment, suggesting that the token’s worth might battle to realize momentum. For the POL token, nonetheless, the latest whale accumulation is a bullish indicator. If this pattern continues, the token’s value might climb above $0.42 within the close to time period.
Moreover, the rise in whale accumulation aligns with rising bullish dominance, as highlighted by IntoTheBlock’s Bulls and Bears indicator. This metric tracks the exercise of buyers who purchased (bulls) no less than 1% of the overall buying and selling quantity versus those who sold (bears) an identical quantity.
When bears outnumber bulls, it usually indicators potential value declines. Nonetheless, for the Polygon ecosystem token, the bulls at the moment outpace the bears, indicating a stronger chance of a short-term value enhance for the altcoin.
POL Price Prediction: Sample Turns Bullish
A have a look at the 4-hour timeframe exhibits that the POL/USD chart has fashioned an inverse head-and-shoulders sample. An inverse head-and-shoulders sample is a technical sample that signifies a possible reversal from a downtrend to an uptrend.
The primary trough marks the preliminary section of the downtrend. The deepest trough is decrease than each the left and proper shoulders, whereas the third and last trough mirrors the left shoulder in-depth however is increased than the pinnacle.
Contemplating this present outlook, POL’s price could rise to $0.45 within the brief time period. If Polygon whales continues to purchase in giant volumes, this altcoin’s value would possibly climb towards $0.60.
Nonetheless, if these crypto whales resolve to promote a few of their holdings, this prediction is perhaps invalidated. In that case, the Polygon token price could decline to $0.38.
Disclaimer
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