Polygon （MATIC） faces significant selling pressure after dropping below the critical support level of $0.5, with the potential for further price declines as traders offload tokens.
Points
- 90 million MATIC tokens sold after price dropped below $0.5.
- Significant selling pressure identified by the Exchange-Onchain Market Depth indicator.
- Polygon whales maintain confidence and accumulate more tokens amid the dip.
- Market conditions and Bitcoin’s price movements impact MATIC’s performance.
Polygon （MATIC） is currently facing significant selling pressure after its price fell below the crucial support level of $0.5. This drop has triggered a wave of token sales, with over 90 million MATIC tokens sold as traders reacted to the downtrend in the broader crypto market.
According to the Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock, the average price at which traders are looking to sell MATIC is around $0.49. Despite the selling pressure, data indicates that just over 55 million tokens were bought at this price, highlighting the ongoing demand for MATIC even as prices decline.
Polygon’s whales, who hold large quantities of MATIC, have shown resilience during this downturn. Data from IntoTheBlock reveals that large holders’ net flows have increased by over 1,700% in the last seven days, indicating that these investors are accumulating more tokens at lower prices. This accumulation suggests a vote of confidence in Polygon’s long-term prospects despite the current bearish trend.
However, the broader market conditions have not been favorable for MATIC. Bitcoin’s price recently dropped from $69,000 to $63,500, dragging altcoins like MATIC down with it. The rising tensions in the Middle East, particularly between Iran and Israel, have added to the market’s instability. MATIC’s price is currently trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
For Polygon to recover, it needs to reclaim the critical support level at $0.5. Failure to do so could lead to further declines, with the potential for the price to drop below $0.45. Investors should keep an eye on market trends and geopolitical developments that could impact MATIC’s performance.
解説
- Polygon’s significant selling pressure and drop below $0.5 highlight the volatility and risks associated with altcoin investments.
- The Exchange-Onchain Market Depth indicator provides insights into traders’ sell and buy orders, helping to understand market sentiment.
- The accumulation by Polygon whales suggests confidence in the project’s long-term value, despite short-term price fluctuations.
- Broader market conditions, including Bitcoin’s price movements and geopolitical tensions, play a crucial role in MATIC’s performance.
- Investors should monitor key support levels and broader market trends to make informed decisions about their MATIC holdings and trading strategies.