Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.  Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.  The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.  Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.  Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygons recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.  At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.   Featured image created with Dall.E, chart from Tradingview.com

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MATIC Set For Rebranding In Early September: Will Polygon Prices Recover After Sinking 65%?

MATIC, the native token of the Ethereum sidechain Polygon, has had it rough in the past five months. After soaring above $1.2 in March, the token has been in freefall, dumping over 65%. For now, MATIC faces strong rejection at $0.45 and continues to distribute, which is evident in the daily chart. The lull across the crypto scene and shrinking activity in DeFi means Polygon is on the receiving end. Despite these market-related challenges, there is a silver lining for MATIC holders. The Rebranding Of MATIC To Polygon Polygon is evolving, and after the rebranding from the Matic Network, MATIC, the native token, will be relaunched as POL. This highly anticipated upgrade is set for September 4, 2024. Related Reading: Crypto Analyst Unveils Six Super-Cycle Tokens Primed For Massive 1000x Price Explosion The rebranding will be a pivotal shift for Polygon, making a stage in which the platform introduces new utilities to POL as they look to grow and further innovate, primarily by scaling Ethereum. In a post on X, Polygon said various changes would accompany the rebranding. If anything, the team plans to overhaul the current utility in MATIC and repurpose it to meet the needs of their grand plans from now on. After September 4, Polygon said POL would serve as an autonomous fuel, a change that could also support prices. Under the new arrangement, POL will be crucial for ensuring Polygon is secure. The token will be distributed to validators as a reward for committing resources. The steady stream of rewards, Polygon said, would incentivize validators to commit even more resources. At the same time, a portion of POL will be channeled to the Community Treasury. The funds will be used to super-charge development and research, with some allocated to the ecosystem initiatives. The Grants Program And Polygon 2.0: Will It Revive Demand? Polygon has activated the Community Grants program, dedicating 100 million POL per year for the next decade to spur development in the ecosystem. The objective is to catalyze growth and ensure the platform is secure. Related Reading: Is Dogecoin (DOGE) Headed For A 40% Slide? This Analyst Thinks So The effort is part of the Polygon 2.0 roadmap, which aims to scale Ethereum further using zero-knowledge technology. Platforms launching as Ethereum layer-2s using the Polygon development stack will also receive liquidity from a unified source. At the same time, they will be interoperable with other layer-2s using the same stack since they are connected via the Aggregation Layer. Despite all these efforts, only time will tell whether MATIC will inch higher. The local resistance is at $0.45. If broken, the token must be more than 2X before reclaiming March highs. Feature image from iStock, chart from TradingView

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Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Polygon (MATIC) appears to be underperforming compared to the broader market, where most of the attention is directed toward other major cryptocurrencies with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to recent announcements concerning the migration of Polygons MATIC token to the new POL tokens. Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend. Related Reading: Crypto Analyst Says Think Bigger, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has been on a steady decline since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity. MATIC Price Analysis At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark. Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has made many attempts to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In MATIC’s profitability count is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade. The mainnet upgrade from MATIC to POL is slated to take place in September. The anticipation surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.  Featured image created with Dall.E, chart from Tradingview.com

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Crypto Analyst Reveals Trigger For 17% Polygon (MATIC) Rally

An analyst has explained how Polygon could see a rally of around 17% if the cryptocurrency’s price breaks above this level. Parallel Channel May Reveal What Could Be Next For Polygon In a post on X, analyst Ali has discussed about a parallel channel that Polygon has been consolidating inside during the last few weeks. The “parallel channel” here refers to a technical analysis (TA) pattern that’s drawn using two parallel trendlines. This pattern’s upper line joins successive tops in the asset while the lower one connects bottoms. While the price is inside the region bounded by these two lines (the “channel”), it’s probable to stay trapped in it, only consolidating sideways. Related Reading: Analyst Says $71,000 Bitcoin Move Is Only Halfway Through, Heres Why Naturally, retests of the upper line can likely result in reversals back to the downside, while the lower one may act as a source of support, helping the coin bottom out and regain an uptrend. There are different types of parallel channels in TA, like the ascending and descending ones, where the channel is slopped upwards or downwards. In the context of the current topic, though, a parallel channel parallel to the time axis is of interest. This means consolidation inside this channel occurs between the same top and bottom levels. Like with other consolidation patterns in TA, a break out of the trendlines of the parallel channel can also suggest a continuation of the trend in that direction. More specifically, a surge above the pattern can suggest bullish momentum for the asset, while a drop under the channel may spell a bearish outcome instead. Now, here is a chart that shows how the parallel channel that Polygon has been consolidating inside has looked like over the past month: From the above graph, it’s visible that Polygon has been stuck in consolidation inside this parallel channel since the cryptocurrency crash last month. The asset has made some attempts at the upper level, but so far, all of them have failed, with the coin unable to find any break. MATIC is currently floating near the level, so another retest may be coming up soon. Related Reading: Bulls In Control: Ethereum Longs See Biggest Candle Ever After ETF News If the Polygon price surges above the channel this time, it may enjoy some sustained bullish momentum. “A breakout above $0.76 could trigger a 17% surge, pushing $MATIC to $0.88!” notes Ali. This price target is based on the fact that the crash last month, which threw the asset into this consolidation, occurred starting from around that level. Given this potential retest of the upper line of the channel, it now remains to be seen how the cryptocurrency performs in the coming days. MATIC Price Polygon almost touched the $0.76 upper level of the channel yesterday, but the coin has since observed a pullback, and it’s now back down to $0.72. Featured image from Shutterstock.com, charts from TradingView.com

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Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level

An analyst has explained how a buy signal forming in the price of Polygon (MATIC) could lead to the asset rebounding towards these price targets. Polygon Is Showing A TD Sequential Buy Signal Right Now In a new post on X, analyst Ali has discussed about the a Tom Demark (TD) Sequential signal forming in [...]

The post Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level appeared first on Crypto Breaking News.

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Qubetics or Aptos? Polygons Upgrade Race Just Got a New Challenger in Top Cryptos for Massive Growth 

Explore Qubetics, Aptos, and Polygon Price PredictionTop Cryptos for Massive Growth. Discover the latest updates, features, and opportunities for blockchain developers and enthusiasts.

The post Qubetics or Aptos? Polygon’s Upgrade Race Just Got a New Challenger in Top Cryptos for Massive Growth  appeared first on Kanalcoin.

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Top Altcoins Preparing For A Breakout Next Week: SOL, MATIC And LTC Prices To Surge Higher

The post Top Altcoins Preparing For A Breakout Next Week: SOL, MATIC And LTC Prices To Surge Higher appeared first on Coinpedia Fintech News

Bitcoin is often considered the king of the hill. But lately, it seems like some of its younger siblings, the altcoins, are preparing to make their own mark in the industry. In fact, following the recent volatility in Bitcoin, many investors have started to switch to altcoins, leading to increased interest and potential for breakout …

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Polygon Launches zkEVM Mainnet! Here’s How MATIC Price is Going to React Next

The post Polygon Launches zkEVM Mainnet! Here’s How MATIC Price is Going to React Next appeared first on Coinpedia Fintech News

The decline in the price of Polygon (MATIC) by almost 5% during the speeches of US Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen serves as a compelling indication that global market concerns can influence the performance of cryptocurrencies. This event should be considered a significant factor in determining Polygon’s future price movements. …

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Is it all Over for Polygon (MATIC)? Massive Whale Transfers Point Towards an Impending Bearish Trend!

The post Is it all Over for Polygon (MATIC)? Massive Whale Transfers Point Towards an Impending Bearish Trend! appeared first on Coinpedia Fintech News

The popular crypto, Polygon, came under fresh attack from the bears as the price has experienced a massive sell-off since the early trading hours. While the traders appear to have switched to panic mode, the trend may get more impulsive, slashing the price harder below the major support levels. Moreover, now that the whales also …

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Top Altcoins Set for a Massive Breakout This Week, Experts Reveal Potential Levels

The post Top Altcoins Set for a Massive Breakout This Week, Experts Reveal Potential Levels appeared first on Coinpedia Fintech News

In the past week, crypto investors experienced trauma as several macro events caused a significant loss of funds from the global market cap. The crypto market was hit hard by the collapse of the SVB, which led to the depegging of the USDC stablecoin, reminding investors of the risks involved. However, the recent announcement of …

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Polygon Price Prediction As MATIC Test $1.25 Support – Is $2 Within Reach?

Polygon price is on a mission to find higher support ahead of the next bullish move to $1.60 and $2.00, respectively. The Ethereum layer 2 [...]

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Breaking: Polygon (MATIC) Defies the Odds, Set to Hit $2 Mark?

Is it possible that a Polygon (MATIC) price will touch $2 in the coming weeks? How high can Polygon crypto go?

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Why MATIC Price Rally Is Stopping at Nothing, Armed with More Transactions Than Ethereum

The value of MATIC, the native token of Polygon, a layer 2 blockchain built on Ethereum has skyrocketed in 30 days to trade at $1.142 [...]

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Polygon Price Prediction 2023 – 2025: Is MATIC A Good Investment For Future?

The post Polygon Price Prediction 2023 – 2025: Is MATIC A Good Investment For Future? appeared first on Coinpedia Fintech News

Polygon (MATIC) has been one of the handful projects that have amassed the crypto verse, with its utility and sprawl on the charts. Not to miss-out, Polygon has also changed the perception of the crowd around layer-2 protocols. The network has now set-up a touchstone for emerging layer-2 protocols in the crypto market. When compared …

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MATIC Price Prediction – Are The $1.157 Highs Of November About To Be Swept?

MATIC price is the biggest gainer among the top ten cryptos while Bitcoin and Ethereum lead the rest in giving up some of the gains [...]

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Polygon (MATIC) Keeps Shining With Over 12% Gain In Value

MAtPolygon (MATIC), the Ethereum layer-2 protocol, is swimming in gains throughout October. The last seven days alone have seen the coin increase by over 12% and currently sits at a value of $0.941. Polygon is one of the highest-performing coins on CoinMarketCap, with a market cap of just above $8 billion. Polygon suffered a devastating dip in price this June. However, it has slowly recovered since then, reaching a peak of $1.04 in the middle of August. The MATIC price reached $0.95 on October 26th, close to its August all-time high. This was possible thanks to significant community support, strategic alliances, new product releases, and developer activity. Related Reading: Polkadot Price Depreciates, Will The Bulls Be Able To Defend This Support Line? The coin has now stabilized in price, trading around $0.94 at press time. But this makes it something of an exception in the red crypto market. MATIC Looks Pretty With Weekly/Monthly Gains In the past week and month, MATIC has gained more than 12% and 26%, respectively. Polygon’s favourable price performance in this period has been driven by dramatically increased user activity. According to CryptoSlate’s analysis, the number of unique IP addresses on the network has increased significantly, reaching levels not seen since July. There has been a rise in Polygon’s user base, but this hasn’t resulted in a MATIC sell-off just yet. More and more MATIC is being withdrawn from exchanges, suggesting that users are shifting their attention away from trading. They are now using the tokens on the many dApps and services sprouted on the Polygon platform. According to CryptoSlate data, the highest exchange outflow for MATIC occurred in April 2021. This was exactly when MATIC’s rapid surge brought its price to an ATH of $2. The growth in Polygon’s user base in October is a direct outcome of the platform’s overall popularity. It has quickly become the preferred platform for various organizations, services, and products, including Reddit and its ambitious NFT plans. Polygon (MATIC) Price Analysis: Where Is the Token Headed? Polygon has been flat since August, but there has been an uptick in bullish activity as of late. After gaining over 12% over the past week, the price is once again testing the critical resistance level at $1. In the event that MATIC can rise beyond $1, this prolonged consolidation period will come to an end. So far, traders have been successful in keeping the price above the important support level of $0.86. If current momentum continues, we could see a test of the critical resistance as soon as the first week of November. Although the bears were able to push the price down in August, a repeat of that low might be seen as favourable. Related Reading: Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High The future seems bright for MATIC since its price grew by over 20% in October. This token may enter a continuous rally in November, which may take it to $1.3, which will be the next target. However, this might only happen if the bulls can maintain the strong momentum it has been experiencing throughout the month. Featured image from Pixabay and chart from TradingView.com

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How High will MATIC Price Go? MATIC 3 $ soon enough?

Will MATIC price triple again? How high will MATIC price go? Let's analyze in this Polygon MATIC price prediction article.

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MATIC Price Prediction – MATIC UP 5% breaking 80 cents, 1 $ Soon?

MATIC prices managed to recover and almost tripled so far. Can MATIC reach 1 $ soon? Let's analyze in this MATIC price prediction article.

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Polygon Price Prediction – MATIC Price might BOOM 20%?

In this Polygon price prediction article, we see what Polygon MATIC is and why its prices are about to make 20% in the short run.

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Does MATIC have a Future after Ethereum Merge?

Now that Ethereum is making the move towards PoS, can Polygon still exist? Does MATIC have a future after Ethereum Merge? Let's find out!

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