The price of Polygon (MATIC) has faced multiple rejections at $0.70 in the past week as bullish investors attempt to recover. The recent price correction can be attributed to crypto exchanges ending support for MATIC and other altcoins. Despite this negative sentiment, on-chain data suggests that the bulls may soon regain control of the market. Investors have been staking over 100 million tokens this month, showing a shift towards yield-bearing protocols instead of selling. Similar spikes in staking activity have occurred in the past, resulting in significant price increases for MATIC. Additionally, MATIC holders have been moving their tokens off exchanges, reducing market supply and potentially driving up prices. This drop in market supply and increased staking activity could help sustain the current bullish momentum for Polygon. The price is predicted to rally towards $0.75 in the coming weeks if it can break above the initial resistance at $0.70. However, if the price drops below the critical support zone at $0.65, the bears could invalidate the rally and cause the price to fall below $0.60 once again.
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