Blockchain analytical firm SpotOnChain reported that an address associated with Polygon’s Hermez Network moved about 3 million MATIC tokens, equating to $2.85 million, the crypto exchange Kraken. The address still holds approximately 16.8 million MATIC tokens, valued at approximately $16.1 million.

Is a MATIC Sell-off on the Horizon?

Usually, transfers to exchanges often signal a bearish sentiment, indicating a potential intention to sell. For this reason, there are concerns about a looming sell-off despite the asset’s robust price performance.

Crypto analysts anticipate a significant correction in the MATIC’s value. Still, the bearish outlook could be followed by a bullish impulse.

Note🚨: this is not a financial advice, DYOR

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