A crypto whale has abruptly transferred $12 million worth of the blockchain scaling solution Polygon (MATIC) as the top crypto asset flashes signs of strength.
The crypto-tracking platform Whale Alert reported the transaction and notes the large address sent 13,428,828 MATIC tokens to top US crypto exchange Coinbase.
MATIC is trading at $0.931 at time of writing. The 10th-ranked crypto asset by market cap is up 2.25% in the past 24 hours and nearly 10% in the last seven days. Despite its recent gains, MATIC still remains down by 68% from its all-time high of $2.92, which it set in December 2021.
MATIC is used to validate transactions on the Polygon platform and to settle fees needed to run the network.
In spite of the ongoing crypto winter, Polygon has had some bright spots. Crypto analytics firm Messari reports that the project has seen a 191% increase in NFT (non-fungible token) sales since the end of September. Polygon also teamed up with marquee brands, such as social media giants Meta and Reddit and coffeehouse chain Starbucks, earlier this year.
Popular crypto strategist Kaleo tells his 549,100 Twitter followers that he believes MATIC will outperform Bitcoin (BTC) in the coming days after taking out its diagonal resistance on the lower timeframe.
“We did a little manifesting and the breakout has commenced. The [resistance] is broken.”
At time of writing, MATIC/BTC is trading at 0.00005457 ($0.93), suggesting an upside potential of over 20% should the pair hit Kaleo’s target at 0.000066 BTC ($1.12).
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