Polygon’s MATIC Faces Selling Pressure Amid Market Correction
Polygon’s native cryptocurrency MATIC has experienced significant selling pressure, causing its price to drop by 8.5% in the last 24 hours to $0.92. This decline is part of a broader market correction, and MATIC has struggled to hold above the crucial resistance level of $1.0.
Polygon Completes Token Unlock Transfer
In a major milestone for the Matic network, 273 million MATIC tokens worth around US$253 million were transferred from the MATIC vesting contract to the Matic Foundation address on February 21. This transfer marks the completion of Matic’s final token unlock transfer and signifies the full circulation of MATIC tokens.
This development is expected to lead to increased activity and participation within the network, as well as enhanced liquidity and accessibility for MATIC holders.
MATIC Price Action and Expert Views
The price of Polygon (MATIC) has faced strong rejection at $1.0 and above, struggling to break through this resistance zone since April 2023 due to selling pressure.
According to crypto analyst Ali Martinez, there are positive long-term indicators for Polygon. The current pattern suggests a multi-year symmetrical triangle formation. If MATIC can maintain a closing price above $0.96, it could signal the start of a bullish rally with a potential target of $1.73.
#Polygon shows promising signs from a long-term perspective. The prevailing pattern appears to be a multi-year symmetrical triangle.
If $MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73! pic.twitter.com/qjgn6sN1oV
— Ali (@ali_charts) February 21, 2024
Despite being a popular Ethereum Layer-2 scaling platform, MATIC has underperformed compared to other Layer-2 tokens. Over the past year, its value has declined by approximately 32%, while coins like OP, SKL, and ARB have seen significant gains.
However, some market analysts believe that MATIC is primed for a bounceback after a period of underperformance. NFT cryptomaniac stated that investors should keep an eye out for a potential price increase to $1.80-$1.90-$2.00.
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