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
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Author: Victor Olanrewaju