- Nansen Research shared that there has been multiple bullish developments for MATIC over the past 24 hours.
- There has been a notable increase in MATIC accumulation from whales and institutional investors.
- Over the past 24 hours, MATIC’s price fell by more than 7%, which left it trading at $0.6262.
There have been multiple bullish developments for Polygon (MATIC) over the past few days, according to an article on Nansen Research’s official blog. Although the reasons for these positive developments could be endless, many in the industry believe it is partly due to Polygon’s decision to shift to a ZK-focused ecosystem.
One of the bullish on-chain indicators identified by Nansen is the fact that, over the last 24 hours, significant acquisitions have taken place on decentralized exchanges (DEX), the most substantial of which involved a purchase of 10 million MATIC tokens. This pattern implies that institutional traders are amassing MATIC tokens, which could be a bullish signal.
