In This Post:
- MATIC price could rise by 25% to $0.65 before the POL migration.
- Increased whale activity shows big investors are buying more MATIC.
- Polygon Foundation moved $8.1 million worth of MATIC to Binance, sparking speculation.
MATIC, the token for the Polygon network, is showing signs of a price increase. The price could rise to $0.65 as the network prepares for a major update. Recently, the Polygon Foundation transferred $8.1 million worth of MATIC tokens to Binance, and whale activity has also picked up. These developments are making traders and investors pay close attention to MATIC’s next move.
MATIC Price Could Rise Before POL Migration
After months of decline, MATIC’s price is showing signs of recovery. The price dropped by 3% in the last day but is now stable around $0.5065. This price level is giving hope to investors that MATIC could rise by 25% to $0.65. The increase might happen before Polygon’s upcoming migration to POL, a key event that many are watching closely.
Whale Activity Shows Big Investors Are Buying
One of the signs that MATIC’s price could rise is the increased activity from whales. These are large investors who hold and trade big amounts of tokens. On August 27, there were several large trades as MATIC’s price hit its lowest point of the week, around $0.5016. This suggests that whales are buying more MATIC, likely getting ready for the changes coming with the migration to POL.
Data from IntoTheBlock also shows that large investors have been steadily buying MATIC since August 24. This trend confirms that whales are accumulating tokens, which could help push the price higher.
Polygon Foundation Moves $8.1M to Binance
In another major move, the Polygon Foundation transferred 15.49 million MATIC tokens, worth $8.1 million, to Binance. Large transfers like this often raise concerns because they can signal a potential sell-off. The wallet used for this transfer still holds 13 million MATIC, but these tokens are currently staked.
It’s not clear why the Polygon Foundation made this transfer. However, it has caught the attention of investors, as large sales could impact the price in the short term.
MATIC Could Reach $0.65
Despite the concerns, MATIC still has a chance to rise to $0.65 if it stays above key support levels. Right now, the price is sitting at its 50-day moving average, with the 200-day moving average 25% higher. This shows that there’s room for the price to increase if buyers stay active.
The Relative Strength Index (RSI), which measures market strength, is also positive. The RSI is currently at 56.34, meaning there’s still space for the price to rise before it becomes too high.
For now, the important level to watch is $0.5065. If MATIC stays above this level, it could unlock more gains as the POL migration gets closer. But if it drops below, the price might fall further.
Looking Forward
MATIC is positioned for a potential rise to $0.65 as the network prepares for its POL migration. Increased whale activity and the recent transfer of $8.1 million worth of MATIC to Binance by the Polygon Foundation are key factors to watch.
While there are concerns about a possible sell-off, the technical indicators suggest that MATIC could still grow. Holding the key support level at $0.5065 will be crucial for determining the next move in price.
