See More

Whales Fail to Pull Polygon (MATIC) Price Back From Seven-Month Low 

2 mins
Updated by Lynn Wang
Join our Trading Community on Telegram

In Brief

  • Polygon price is at $0.56 after failing to note recovery after falling out of the consolidation.
  • The crypto whales have accumulated over 33 million MATIC in the last ten days, but in vain.
  • The network growth is at its lowest in over a year, increasing concern regarding its traction.
  • promo

Polygon (MATIC) price is facing the same outcome as most other assets following a bearish June.

The altcoin now sits at a spot where either consolidation or recovery is next.

Polygon Investors Try Their Best

MATIC price could recover given that one of the most important cohorts of investors—whales—is accumulating. Given that whale addresses significantly influence price action, it is not surprising to see their accumulation bring about recovery and selling, resulting in a decline.

The addresses holding between 1 million and 10 million MATIC recently added to their holdings. In the last ten days, whales purchased about 33 million MATIC worth more than $18.6 million. This is a positive sign for the Polygon native token.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

MATIC Whale Holding.
MATIC Whale Holding. Source: Santiment

However, at the same time, participation is suffering considerably. Existing investors are skeptical, and even potential investors are stepping back. This is evident in the network growth rate, which is currently declining.

Network growth refers to the rate at which new addresses are forming on the network. This shows whether a project is gaining or losing traction in the market.

MATIC Network Growth.
MATIC Network Growth. Source: Santiment

The reception seems bearish since MATIC’s network growth is at its lowest in over a year.

MATIC Price Prediction: The Best of the Two

MATIC price facing mixed signals could end up noting a consolidation if a recovery does not arrive soon. Changing hands under the $0.60 mark, the Polygon native token may remain above $0.53 but struggle to breach the resistance at $0.60 and $0.64.

The sideways movement could enable the altcoin to build enough momentum to break out eventually.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

MATIC Price Analysis.
MATIC Price Analysis. Source: TradingView

This is possible, provided MATIC holders lean towards not selling their holdings to offset losses. The same could result in a drop below $0.53, invalidating the bullish-neutral thesis and extending losses below $0.50.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2t314.png
Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
READ FULL BIO
Sponsored
Sponsored