3 Million Polygon (MATIC) Sent to Kraken: Selling Signs?

A significant amount of Polygon's MATIC tokens were transferred from a wallet connected to the Hermès network to a cryptocurrency exchange.

Blockchain analytics firm SpotOnChain reports that an address associated with the Polygon Hermes network has moved about 3 million MATIC tokens, which is equivalent to $2.85 million, to crypto exchange Kraken. The address still holds approximately 16.8 million MATIC tokens, worth approximately $16.1 million.

Is a MATIC sale on the horizon?

Usually, transfers to the exchanges often indicate a bearish sentiment that indicates a desire to sell. As a result, there is concern about the approaching sale price despite the property's strong price performance.

Crypto analysts expect a significant correction in the value of MATIC. Again, the depressive attitude can be followed by a bullish attitude.

“MATIC price is in diagonal pattern, so price may already be in wave iv. Ideally, the price will not break below $0.8328 to maintain upside pressure,” said a prominent trader.

The price of MATIC fell by 1.3% to $0.9218. This contrasts with its weekly performance of around 10% gains over the past seven days.

Last year, the Hermes Network, an open-source zero-knowledge package, merged with Polygon. This merger led to Hermès being renamed Polygon Hermès. It is focused on decentralized zk-rollup technology, specifically aimed at increasing payments and token transfers on the Ethereum blockchain.

Stock confirmation addresses hit ATH

Despite growing sell signals, Polygon's stock verification chain reached a record high of 845,350 daily active addresses on February 16, per chain data. This milestone was reached 16 months after the previous peak of nearly 800,000 active addresses in October 2022.

It matches a consistent growth trend in unique polygon addresses, with over 11 million addresses created since the start of the year, bringing the total count to over 403 million.

Still, there is a significant drop in daily transaction volume. Polygon Scan data showed a decline of about 3.8 million transactions on February 16, compared to 16.4 million on November 16, 2023.