Crypto Whales Invest $65 Million in Polygon (POL) Amid 12% Price Surge
In Brief
- On-chain data shows that crypto whales have accumulated POL tokens worth $65 million over the last seven days.
- The number of Polygon bulls have outpaced the number of bears, reinforcing the bullish sentiment around the token.
- POL has formed an inverse head and shoulders on the 4-hour chart, suggesting that the price could rally above $0.60.
Polygon whales have accumulated an additional $65 million worth of tokens in the past seven days, coinciding with a 12% price increase for the POL token over the last 30 days. This surge has reignited optimism that the altcoin, formerly known as MATIC, might recover some of its recent losses.
However, some investors remain cautious, speculating that the current buying pressure might not suffice to sustain the momentum. Here’s an in-depth analysis of the situation.
Polygon Stakeholders Add 113 Million Tokens to Their Holdings
On November 11, addresses holding between 10 million and 100 million POL tokens in their wallet collectively owned 695.38 million tokens. Today, that figure has surged to 852.14 million, showing that Polygon whales have accumulated over 113 million tokens in the past seven days.
At the current price of the altcoin, this accumulation is valued at approximately $65 million. Typically, when crypto whales buy, it is a sign that a cryptocurrency’s value could climb. This also encourages retail investors to accumulate, putting more upward pressure on the price.
Conversely, when crypto whales sell, it often signifies bearish sentiment, suggesting that the token’s value may struggle to gain momentum. For the POL token, however, the recent whale accumulation is a bullish indicator. If this trend continues, the token’s price could climb above $0.42 in the near term.
Additionally, the increase in whale accumulation aligns with growing bullish dominance, as highlighted by IntoTheBlock’s Bulls and Bears indicator. This metric tracks the activity of investors who bought (bulls) at least 1% of the total trading volume versus those who sold (bears) a similar amount.
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When bears outnumber bulls, it often signals potential price declines. However, for the Polygon ecosystem token, the bulls currently outpace the bears, indicating a stronger likelihood of a short-term price increase for the altcoin.
POL Price Prediction: Pattern Turns Bullish
A look at the 4-hour timeframe shows that the POL/USD chart has formed an inverse head-and-shoulders pattern. An inverse head-and-shoulders pattern is a technical pattern that indicates a potential reversal from a downtrend to an uptrend.
The first trough marks the initial phase of the downtrend. The deepest trough is lower than both the left and right shoulders, while the third and final trough mirrors the left shoulder in-depth but is higher than the head.
Considering this current outlook, POL’s price could rise to $0.45 in the short term. If Polygon whales continues to buy in large volumes, this altcoin’s price might climb toward $0.60.
However, if these crypto whales decide to sell some of their holdings, this prediction might be invalidated. In that case, the Polygon token price could decline to $0.38.
