The Selling Pressure on Polygon (MATIC) Increases as Celsius Moves Tokens to Binance and Crypto.com
The price of MATIC has struggled since crossing $1 in December 2023, currently down over 25% from its local top. On-chain analysis platform Spotonchain reveals that Celsius has been depositing large amounts of MATIC tokens to centralized exchanges like Binance and Crypto.com. Specifically, Celsius transferred 22.73 MATIC worth $18.79 million to Binance and 3.02 coins worth $2.47 million to Crypto.com.
Large Entity Causes MATIC Deposit Surplus on Centralized Exchange
After the deposits, Celsius still holds 34.08 million MATIC tokens. The screenshot provided by Spotonchain shows that the MATIC price drops after each deposit, suggesting that Celsius may be selling the tokens after sending them to centralized exchanges.
Controversies Surrounding Polygon Foundation’s Token Allocation
In addition to the concerns about Celsius’ actions, there have been controversies regarding the allocation of MATIC tokens by the Polygon Foundation. These controversies have contributed to the token’s price decline of over 25%.
Potential Buying Opportunity at $0.55 for MATIC
Despite the price decline, technical analysts believe that MATIC remains strong in higher time frames. Analyst @Moneytaur_ suggests that the $0.55 price range could be a buy opportunity in the higher time frame.
Hot Take: Selling Pressure Intensifies for MATIC Amidst Controversies
The recent transfers of MATIC tokens from Celsius to centralized exchanges may increase selling pressure on the token. Combined with concerns about Polygon Foundation’s token allocation, it creates a challenging market environment for MATIC. However, analysts are cautiously eyeing the $0.55 price level as a potential buying opportunity in the higher time frame.
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