Can Polygon [MATIC] overcome the bears as exchange supply hits…

ambcrypto.com:

Over 20 million Polygon [MATIC] tokens were onboarded on exchanges in the last seven days. According to data from Santiment, the exchange supply, which experienced a notable downshift till 24 March, reversed in the opposite direction the next day.

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The metric indicates the percentage supply of an asset being stored on centralized exchanges. When the value of this metric decreases, it means that tokens are being moved out of exchanges.

However, the current trend displayed by MATIC supports the opposite. And this could mean that investors are entering the market with the motive to sell . Hence, this could have a bearish effect on MATIC.

Source: Santiment

On the other hand, this could also signal accumulation in the long term. If investors take such action because of a prolonged storage period, then it could prove to be instrumental to the asset’s bullish strides.  

But looking at on-chain data, the steps taken by addresses holding between 10,000 to 100,000 tokens showed a decline in transacting large volumes. Although there were a few spikes, the overall sentiment suggests restraint.

Therefore, it seems that sharks were not particularly involved in topping up their MATIC holdings despite the recent positive development around the Polygon ecosystem.

Source: Santiment

 Is sell pressure expected in the short term, especially as MATIC’s growth in the last seven days cumulatively peaked at 2.34%?

Well, on-chain data showed that exchange inflow at press time was 103,000.  The metric interpretation is similar to that of the exchange supply.

So, this implies that 103,000 MATIC tokens could be in line to be dropped off. In contrast, the exchange outflow was