MATIC Token Witnesses Decline Amidst Negative Sentiment in Crypto Market
The native token of the Polygon network, MATIC, has experienced a significant drop in value. In the past week, it has fallen by over 10%, and in less than 24 hours, it has decreased by 8%. This decline is occurring as the general cryptocurrency market grapples with a cloud of negative sentiment.
On-Chain Analysis Reveals Key Levels for MATIC Investors
A recent analysis of on-chain data has identified important levels that investors should keep an eye on following the latest decline in the price of MATIC. This analysis is based on IntoTheBlock’s data, which tracks the average acquisition price for wallet addresses.
Over 10,900 Addresses Acquired 600 Million MATIC Tokens at Current Price
- According to crypto pundit Ali Martinez, over 10,900 wallet addresses purchased a massive amount of 608 million MATIC tokens around the $1.02 and $1.05 range.
- This significant buying activity has established crucial support around this price region.
Chart Highlights Distribution of Polygon Token Supply
A chart highlighted by Martinez illustrates the distribution of the Polygon token supply across various price ranges. The size of the dots on the chart indicates the magnitude of coins purchased at each corresponding price range.
If bearish pressure continues and breaches this support level, the next essential demand zone can be found near $0.91. Around 35,700 addresses collectively hold 394.6 million MATIC tokens at this price range.
$0.89 – $0.92 Price Range Represents Next Vital Support Area
The $0.89 – $0.92 price range is another level to watch, as it serves as the next crucial support area. Approximately 35,680 wallet addresses acquired nearly 400 million Polygon tokens at this range.
MATIC Price Overview
At present, the price of MATIC stands at $1.04, indicating an 8% decline in the past 24 hours. This drop follows the altcoin’s recent multi-month high of $1.28 on March 14.
In the last seven days, MATIC has experienced a 9.7% slump in price according to data from CoinGecko. However, when considering the past month, the cryptocurrency has shown fairly positive performance.
The MATIC token currently holds a market capitalization of over $9.7 billion, making it the 18th-largest cryptocurrency in the sector.
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