MATIC price surge threatens as whales deposit millions of tokens into E cryptoforbs

Bitcoin has recovered over the last day after gaining momentum from the news of the Valkyrie Ethereum ETF and lifting the prices of the likes of MATIC. This has led to a rare green day for the cryptocurrency market in several months, but MATIC may not be able to keep other altcoins as whales moving.

Whales move tens of millions to exchanges

The first notable whale trade involving MATIC was reported by Lookonchain on Wednesday. The deal held 10.78 million tokens at the time, worth about $5.5 million.

Mostly, the destination of these tokens was the mission that turned out to be the cryptocurrency exchange Binance. It appears that a whale has deposited the tokens to sell them as MATIC’s price quickly dropped by 3% after the deposit.

Whale deposited a total of 10.78 million $MATIC ($5.5 million) to #Binance During the last 26 hours and the price $MATIC Decreased by 3%.

The whale is currently 2.72 meters long $MATIC($1.37 million) remaining.https://t.co/C4VNQ1QDq9 pic.twitter.com/8JcoySfsRP

– Loconchain (@loconchain) September 27, 2023

MATIC would later recover and move into the green zone, a price increase that appears to have prompted more whales to take advantage of the situation. Throughout the day, the Whale Alert transaction tracker will report multiple whale transactions all carrying millions of dollars worth of tokens towards the exchanges.

The next big transaction was a deal that carried 11,000,888 tokens worth $5.7 million to the Binance exchange. last practical This was followed shortly after by uploading the exact number of MATIC tokens also destined for the Binance exchange.

In the same hour, the whale tracker also reported that 15,826,267 million MATIC had been transferred back to Binance. This shift held approximately $8.2 million worth of tokens. This suggests that whales are looking to get rid of large portions of their holdings.

15,826,267 #MATIC ($8,199,632 USD) transferred from an unknown wallet to… #Binancehttps://t.co/fgGpVb7id0

– Whale Alert (@whale_alert) September 28, 2023

MATIC price resting at $0.52 | Source: MATICUSD on Tradingview.com

MATIC price may suffer a pullback

The massive amounts of currency being transferred towards centralized exchanges may mean that whales are starting to unload some of their holdings to avoid further losses. In this case, it is not far-fetched to say that the altcoin’s rally over the last day could be short-lived. Such a decline could easily send MATIC price down to $0.51 as bears retest the support at $0.5.

However, all hope is not lost for MATIC price as the coin still holds some upside. As one TradingView analyst pointed out, if the altcoin manages to break out of its current descending triangle, the price could rise by more than 50%.

MATIC could see an upside to $0.9 | Source: Tradingview.com

The analyst places the first target for this rally at $0.9 as well, which represents almost a 100% price increase from here. But MATIC will continue to face opposition from bears, making the situation difficult.

At the time of writing, MATIC price is sitting above $0.5232, gaining 3.06% in the last day.