The crypto market is moving in the right direction. Bitcoin continuously makes new all-time highs and interest in altcoins also seems to be increasing again. Now the news reaches us that whales, the richest investors on the market, invested an amount of 65 million dollars in Polygon.
Whales invest heavily in Polygon
On-chain data tells us that whales have bought a huge amount of Polygon.
The above chart of Polygon whales shows that they have been accumulating strongly over the past few days. How does that happen? There is probably increasing confidence in the so-called layer-2 token for Ethereum.
We also see this confirmation in IntoTheBlock’s Bulls & Bears indicator. This indicator tracks the activity of buyers and sellers.
If the bears are more present than the bulls, this is often a signal for price declines. However, at the moment there seems to be more bulls around Polygon, and the BeInCrypto analysts see that as a positive development.
Bullish pattern for Polygon
Based on the 4-hour chart, there currently appears to be an inverse head and shoulders pattern. This is usually a signal of a potential trend reversal. Which in this case would mean that Polygon is moving from a downtrend to an uptrend.
“Based on current forecasts, Polygon could rise to $0.45 in the near term. If the whales then continue to buy in large numbers, the altcoin could climb to $ 0.60,” said the BeInCrypto analysts.
Currently, Polygon is trading at $0.4461. Over the past 24 hours, the project managed to rise by 6.65% and there appears to be some positive momentum.
Do you still believe in altcoins for this cycle, or are you mainly betting on Bitcoin? The latter seems to be gaining the upper hand during this bull market. Which is of course also due to the launch of the American Bitcoin ETFs.
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Source: https://newsbit.nl/whales-investeren-65-miljoen-in-polygon/
