According to data from Santiment, the number of whales holding Polygon (MATIC) tokens has increased over the past month, despite a significant drop in the token's value.
Specifically, the count of MATIC whales holding between 1,000 and 1,000,000 tokens has risen by 2% within the last 30 days, reaching a total of 115,000 holders.
Similarly, larger whales holding between 1,000,000 and 100,000,000 MATIC tokens have also increased their accumulation, with their count rising by 5% during the same period. These larger holders currently possess 21% of MATIC's circulating supply, which stands at 9.8 billion tokens.
Despite this uptick in whale activity, the price of MATIC has not experienced a corresponding rally. In fact, its price has declined by 21% over the past month, currently trading at $0.72, according to CoinMarketCap.
The decrease in MATIC's price aligns with the broader downturn observed in the cryptocurrency market during this timeframe. CoinGecko's data indicates an 11% decline in the global cryptocurrency market capitalization over the past 30 days.
Various momentum indicators suggest bearish sentiment for MATIC at the time of reporting. For instance, its Relative Strength Index (RSI) stands at 38.41, while its Money Flow Index (MFI) is at 21.34, indicating oversold conditions and significant downward pressure on price.
Additionally, MATIC's price is below the Parabolic SAR indicator, suggesting a downward trend and the possibility of further price decreases.
May 2024, Cryptoniteuae