Polygon price jumps 60% in four days amid 'pretty big' MATIC accumulation
Polygon (MATIC) took a break from its prevailing bearish course, posting one of sharpest rebound in the crypto market this week.
Notably, MATIC's price has risen to $0.50 this June 23, four days after hitting $0.317, its lowest level since April 2021. This amounts to roughly a 60% gain, surpassing the performances of even Bitcoin (BTC) and Ether (ETH) in the same timeframe.
Nevertheless, MATIC is still down significantly from its December 2021 high of $2.92, coinciding with the overall crypto bear market and a hawkish Fed putting pressure on risk-on assets.
Meanwhile, some of its richest investors have been accumulating MATIC tokens despite the general downtrend, on-chain data suggests.
Notably, the so-called MATIC sharks and whales have been in accumulation, according to data provided by Santiment. That includes the tiers of Polygon token holders ranging from 10,000 to 10 million coins, which have "collectively added 8.7% more to their bags" since May 9.
$MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn
Interestingly, MATIC's price has fallen by 50% in the same period, underscoring that many whales are confident about its long-term recovery.
From a technical point of view, MATIC/USD appears to be heading toward a new multi-week high.
In detail, the Polygon token has been breaking out of its "inverse head and shoulders," or IH&S pattern, since June 22. IH&S is a bullish reversal setup that forms after the price forms three troughs in a row while hanging upside down by a common support line called the "neckline."
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