Santiment, a company that looks at blockchains, shared some good metrics that Polygon (MATIC) holders should be happy about. The tweet from last night said that yesterday had “the most transactions of $100k+ whales since February of this year.”
CoinMarketCap shows that the price of MATIC is currently $1.12, up 16.81% in the last 24 hours. Also, MATIC gained 15.29% and 15.12% against the two biggest cryptocurrencies on the market, Bitcoin (BTC) and Ethereum (ETH).
Related: A well-known crypto trader thinks that MATIC could reach $1 in the near future.
During this time, MATIC’s daily trading volume has also gone up by 63.30%, bringing the total volume to $1,460,864,251.
MATIC’s market cap is now $9,780,288,381, making it the 11th largest crypto project by market cap. This puts it above Polkadot (DOT), which has a market cap of $7,527,528,472, and below Solana (SOL), which has a market cap of $11,505,728,519.
Chart for MATIC/USDT for each day (source: CoinMarketCap)
As market makers gathered the liquidity that fueled the pump in MATIC’s price over the last two days, the price dropped to the daily 20 EMA level. MATIC’s price has risen easily above the daily 9 and 20 EMA lines because of this pump. So, the 9 EMA line is currently keeping MATIC’s price from falling.
The daily technical indicators for MATIC are bullish because the 9 EMA line is above the 20 EMA line and is moving away from the 20 EMA line, which is a sign that bullish sentiment is growing. The daily RSI line has also moved above the daily RSI SMA line and is sloping in the direction of “overbought.”
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