- Nansen Research shared that there has been multiple bullish developments for MATIC over the past 24 hours.
- There has been a notable increase in MATIC accumulation from whales and institutional investors.
- Over the past 24 hours, MATIC’s price fell by more than 7%, which left it trading at $0.6262.
There have been multiple bullish developments for Polygon (MATIC) over the past few days, according to an article on Nansen Research’s official blog. Although the reasons for these positive developments could be endless, many in the industry believe it is partly due to Polygon’s decision to shift to a ZK-focused ecosystem.
One of the bullish on-chain indicators identified by Nansen is the fact that, over the last 24 hours, significant acquisitions have taken place on decentralized exchanges (DEX), the most substantial of which involved a purchase of 10 million MATIC tokens. This pattern implies that institutional traders are amassing MATIC tokens, which could be a bullish signal.
Furthermore, there has been a notable rise in the accumulation of MATIC tokens by whales and substantial addresses. This trend implies that these investors have a positive outlook on MATIC’s prospects in the long run.
Nansen also pointed out that positive advancements are occurring for Chainlink and Frax, two prominent DeFi protocols operating on the Polygon network. These projects have recently unveiled encouraging updates that might be influencing the current accumulation of MATIC tokens.
Over the past 24 hours, MATIC was able to claim a spot on CoinMarketCap’s trading list as well, but not for the reasons most were hoping for. The market tracking website indicated that MATIC’s price slipped by more than 7% throughout the past day of trading.
This left the altcoin trading hands at $0.6262, which was miles away from its daily high of $0.6771. Meanwhile, MATIC’s 24-hour trading volume stood at $318,603,996, which was a massive 60+% decrease from the previous day.
The cryptocurrency’s longer-term performance did not look much better as it was down by 9.69% over the past week. MATIC’s price also slipped by over 19% throughout the past month alone. Ranked as the 12th largest token with its market cap of $5,827,873,656, MATIC was sandwiched between Shiba Inu and Litecoin.
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