Altcoins
Polygon Price Surges to August Highs in the Wake of Whale Activity
Polygon price has been on a strong bullish trajectory for the past few days on the back of increased whale activity and positive on-chain data. The native asset of the Polygon network has climbed by nearly 15% in the past week and is up by more than 7% in the month to date. Even so, the asset remains 22.76% lower in the year to date.
MATIC Price Rally
Polygon price has been hovering around its highest level since August following an increase in the asset’s adoption and a jump in whale activity. MATIC’s total market cap has increased by more than 4% over the last day to $5 billion, ranking the digital asset 12th after Toncoin. The total volume of MATIC traded over the same period has also edged higher by 34%.
According to Santiment, the key catalyst behind Polygon’s rally is the $20.7 million whale transfer recorded at the start of the month. The Polygon network recorded an unusually large holder activity spike when a whale transferred 37 million MATIC, marking the highest transfer on the network since July. According to Santiment, 37 million MATIC was transferred from a whale PoS to a three-year-old wallet. This move pumped some liquidity into the asset, pushing the Polygon price higher, while other cryptocurrencies sustained losses.
On-chain data by IntoTheBlock has also revealed a significant increase in whale activity in the Polygon network. At press time, concentration by large holders on the network was at 85%, while large transactions grew by more than $294 million in the past week. The platform defines transactions greater than $100K as large transactions.
The increase in Polygon’s adoption and utility, on the back of its scaling solutions and partnerships, has also played a major role in the asset’s upward trajectory. The projects and platforms integrated with Polygon have prompted growth in its ecosystem, contributing to its rising demand, hence resulting in a positive impact on the MATIC price.
Polygon Price Analysis
The daily chart shows that the Polygon price has been on a strong upward trajectory, breaking above the crucial support level of $0.5455. At the time of writing, Polygon was trading 2.88% higher at $0.5833. The digital currency remains above and below the 50-day and 200-day exponential moving averages, respectively. Its Moving Average Convergence Divergence (MACD) indicator is giving a buy signal.
As such, the Polygon price is likely to continue moving higher in the ensuing sessions as bulls eye the resistance level at $0.6355. A move past this level would prompt subsequent gains to the 200 EMA at $0.7270. On the flip side, a move below the immediate support at $0.5455 could push the price lower to find support at $0.5000.
MATIC Price Chart
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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