Polygon Whales Drive POL Surge with $56M Accumulation in Just 96 Hours

News

  • Polygon whales bought $56M worth of $POL in 96 hours, fueling a price surge past $0.40 and boosting market confidence.
  • Daily active addresses stayed steady in October, but whale activity spiked in November, aligning with price recovery and volume growth.
  • Whale accumulation of 140M $POL reflects strong interest, showing how big investors influence market trends and drive upward momentum.

Polygon has been experiencing notable changes in its market behavior over the past few weeks. According to Ali, the platform’s on-chain metrics indicate a bullish outlook. Daily active addresses, transaction volume, and whale activity all show substantial growth. This suggests that Polygon is gaining more attention from users and investors, particularly large holders. Hence, these signs may point toward a positive market trend for $POL in the near future.

Stable Activity Until October, Then a Surge in November

From early October until mid-October, Polygon’s pricing remained very stable, fluctuating between $0.34 and $0.39 respectively. During this period, whale activity and transaction volumes were modest, with consistent user participation as reflected in the daily active addresses.

Source: Ali

However, towards the end of October, the price dipped below $0.30, coinciding with a decrease in transaction volumes and whale transactions. Despite this, daily active addresses held steady, suggesting ongoing user engagement. This shows that while the market dynamics cooled down, smaller investors remained active.

Moving into November, Polygon experienced a recovery. The price rebounded sharply, climbing past $0.40. During this phase, whale activity notably spiked, with large holders increasing their positions. 

This increase in whale transactions aligns with the price surge. Moreover, the transaction volume saw a remarkable rise, supporting the price momentum. The data clearly correlates growing whale participation with the upward trend in price, highlighting the influence of big investors on the market.

Whale Accumulation Fuels Price Recovery

In addition to price movements, accumulation by large holders played a role in Polygon’s recent performance. According to Ali, whales have purchased around 140 million $POL in the last 96 hours, totaling over $56 million. 

This accumulation trend aligns with price growth, especially in the first half of November. As the price began to climb, large holders continued to accumulate, further boosting market confidence. The sustained rise in accumulation indicates continued interest from big investors, suggesting that Polygon could maintain its upward trajectory in the coming weeks.

Source: Ali

Significantly, the correlation between whale accumulation and price movement is clear. As whales buy more $POL, the price tends to increase. This pattern reinforces the idea that large investors can influence market trends significantly. Therefore, the ongoing activity of whales could potentially support continued growth for Polygon.

The post Polygon Whales Drive POL Surge with $56M Accumulation in Just 96 Hours appeared first on Crypto News Land.

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