MATIC price edged closer to the $0.60 territory on Monday as markets reacted positively to Google Cloud becoming a node validator on the Polygon network. Key on-chain and derivatives market data provide insights into how MATIC price could fare in the coming weeks. 

The Polygon team announced on September 29, that Google Cloud has become a decentralized node validator on the network. Early stakeholders’ reactions have provided key insights into imminent MATIC price movements. 

The New Development Has Buoyed Crypto Whales’ Confidence in MATIC

MATIC whale investors have increased their trading activity since Google Cloud was announced as an official node validator. On-chain data shows that the Polygon network recorded 68 Large Transactions on October 1, 2023. 

Notably, this was the highest level of whale trading activity registered since September 7.

Polygon (MATIC) Large Transactions vs. Price. Source: IntoTheBlock

The Large Transactions metric aggregates the total number of confirmed trades that exceed $100,000 on a given day. Strategic investors often interpret an increase in Large transactions as a bullish signal.

Firstly, this is because large transactions boost market liquidity, which then allows traders to execute orders at favorable prices.

More importantly, the increased demand from the whales often leads to a price spike when market supply does not match up to it.  

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Author: Ibrahim Ajibade

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