As the price of altcoin project Polygon (MATIC) soars to all-time highs (ATH), crypto analytics firm Santiment is looking at its on-chain activity and social metrics.
“Whales stopped accumulating altcoins, started dumping”
Polygon, the leading Ethereum layer-2 scaling solution, rose to an all-time high of $2.92 at one point on Monday and is trading at $2.46 at time of writing, before giving up some of its gains. Santiment looks at MATIC’s active address metric and notes that the altcoin project currently has ‘appropriate network activity’:
8,000 active addresses per day is huge. Probably in the top five of the most active cryptocurrencies on Ethereum. Definitely one of the most used cryptocurrencies. Super strong!
The analytics firm also says there is currently no ‘take-profit’ on MATIC and low foreign exchange inflows for the crypto asset. While MATIC’s social volume soared to an all-time high, it remained low until we saw a surge in social interest. Santiment states that the whales have stopped accumulating MATIC in the past few days, and concludes his assessment with:
The problem we see is that despite having ATH, we see a relative lack of response in terms of active deposits. And the whales are unloading. We could probably see some sales in the next 24 hours. So the MATIC can experience correction and then push another foot up.