In a recent development, a Polygon whale transaction has caused ripples through the market. This event unfolded as the whale transferred 26 million MATIC tokens to Coinbase, a cryptocurrency exchange.
🚨 10,000,000 #MATIC (7,777,230 USD) transferred from unknown wallet to #Coinbasehttps://t.co/fXhG36J2wk
— Whale Alert (@whale_alert) December 20, 2023
The transaction, comprising three parts, began with a transfer of 10 million MATIC tokens, quickly followed by another 9 million, and culminated with a final transfer of 7 million tokens. This movement not only demonstrates the whale’s substantial influence but also marks a pivotal moment for Polygon’s native token.
MATIC’s Market Response and On-Chain Analysis
Following this sizeable shift, MATIC’s value experienced notable fluctuations. Despite a temporary dip to $0.75, the cryptocurrency demonstrated resilience, quickly rebounding to a trading value of $0.77.
MATIC was trading at $0.8036 at press time, indicating a 3.68% increase in the past day per CoinStats. Conversely, ADA was trading at $0.6095, indicating a 3.38% increase.
MATIC vs. ADA 1-day price chart (Source: CoinMarketCap)
Intriguingly, data from Santiment indicates a surge in whale activity as traders gear up for a potential rally. Consequently, this trend suggests a broader impact on the Polygon ecosystem, potentially driven by investors seeking profit or breaking even at the current price levels.
#Polygon | There’s a notable surge in whale activity on the $MATIC network.
Such significant movements often signal impending price changes. So we could be on the brink of a major #MATIC price move! pic.twitter.com/sAqRCkCeM2
— Ali (@ali_charts) December 21, 2023
Cardano (ADA) Shows Promising Upswing
Simultaneously, the Cardano (ADA) token has steadily recovered, stirring interest among crypto enthusiasts. After a minor decline, ADA showcased a 7% rise from its weekly low, underpinning a longer-term increase of 48% over the past month and an impressive 130% over the previous year.
ADA/USD 1-day chart (source: TradingView)
Some indicators support this upward trend, including a rising RSI and a healthy separation between the 30-day and 200-day averages. These signs point to a sustained positive momentum for ADA, aligning with broader market predictions of an impending bull rally in 2024.
Cardano’s notable achievements in 2023, including a 700% increase in total value locked, have cemented its position as a major player in the layer-one network space. The growing number of platforms operating on Cardano, coupled with approximately 1,300 developments in the pipeline, underscores the network’s potential for further expansion.
This robust growth trajectory, favorable market conditions, and increasing investor confidence, positions Cardano for a continued upward trend, with expectations of reaching the $1 mark in early 2024.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
