Alameda Analysis bankrupt agency who’ve earlier filed for Chapter 11 chapter safety alongside FTX is making waves once more in the crypto group. Simply as Polygon (POL) surged by 35% this week, the troubled firm has transferred thousands and thousands of POL tokens.
This sudden transfer has raised questions, is that this a signal of an upcoming sell-off and profit-taking?
Alameda Transfer 2 Million POL Token
On November 23 Alamade Analysis, one in every of Polygon’s largest traders transferred 2 million POL tokens, valued at roughly $927,000, to Binance, a main centralized change.
Maybe, this isn’t the primary time Alameda has made such strikes — over the previous few days, they’ve moved a whole of 4.5 million POL tokens.
A Historical past of Market Manipulation?
Alameda’s actions come at a time when POL’s value is seeing a vital enhance, particularly since Alameda has a historical past of conducting token dumps that may trigger vital fluctuations in the market.
Nonetheless, this latest switch follows a related sample seen in the previous when Alameda moved 2 million WLD tokens, value roughly $3.46 million, to Binance. The aim of those transfers is believed to be tied to their efforts to repay collectors.
With the latest value surge, some concern that the transfers may be a sign that Alameda is making ready to dump its holdings, probably resulting in a value correction if different giant holders, or “whales,” comply with go well with.
Polygon’s Worth Surge: Can It Maintain On?
Regardless of these giant transfers, Polygon’s value has been climbing. The POL token has been trading above $0.54, up 19% in simply 24 hours. This week, the worth has jumped from $0.34 to $0.54, primarily as a consequence of information that SEC Chair Gary Gensler is stepping down. This information has introduced recent hope to the market, and POL has been one of many winners.
Technical Outlook: Bullish or Bearish?
Wanting forward, the technical charts present that the worth might maintain going up. If POL breaks by means of the $0.59 resistance degree, it might attain as high as $0.73 and further to $1.2.
Nonetheless, if it struggles to interrupt that barrier, there’s a likelihood it might drop again right down to $0.48 earlier than beginning a recent rally.
The way forward for Polygon, and the broader crypto market, stays unsure.
