Today, Polygon MATIC token is exhibiting a range-bound behavior, encountering slight selling pressure in the early trading hours.

The selling pressure emanated from reports provided by Spotonchain, indicating that Wallet 0xa31, associated with the Hermez Network, deposited 3 million MATIC tokens ($2.85 million) to Kraken at an average price of $0.95 within the past few hours.

Wallet 0xa31 (linked to Hermez Network) just deposited 3M $MATIC ($2.85M) to #Kraken at $0.95 in the past 2 hours.

It received 19.8M $MATIC from Hermez Network 23 days ago, and now still has 16.8M $MATIC ($16.1M) left.$MATIC price rose by ~12% (7D).

Will the wallet deposit… pic.twitter.com/vfk0TZMzmO

— Spot On Chain (@spotonchain) February 17, 2024

Interestingly, this wallet had received a substantial amount of 19.82 million MATIC from Hermez Network just 23 days ago, and currently retains 16.82 million MATIC ($16.06 million).

Taking into account the recent deposits attributed to Hermez Network, totaling 10.15 million MATIC across various centralized exchanges such as SwissBorg, Bitfinex, and Kraken, at an average price of $0.864 since the beginning of 2024, it’s notable that most deposits occurred at local peaks. 

Additionally, Hermez Network still holds approximately 37.8 million MATIC ($36.3 million) staked with Polygon.

MATIC Price Action To Watch

Despite the recent surge in MATIC’s price by nearly 12% over the past seven days, the token’s performance today is relatively subdued, with a minimal 0.55% increase observed on the daily chart.

As MATIC navigates through its trading journey, the influx of deposits and associated activities from entities like Hermez Network play a significant role in influencing short-term price movements and market sentiment. 

As such, investors and market participants closely monitor such developments to make informed decisions in the dynamic cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: benedak/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ February 20, 2024 9:23 am