Polygon’s Price Outlook: Are Whales Afore
Polygon’s (MATIC) price seems to be in a challenging position as investors show signs of losing confidence, potentially leading to bearish sentiment.
Whales Letting Go
- The current price of MATIC is below $0.70, with investors appearing less convinced about its future.
- Large holders of MATIC tokens, known as whales, have been offloading their assets, selling off a substantial amount in just a week.
- This significant selling spree worth $14.7 million demonstrates the whales’ desire to secure profits.
Since these whales hold a significant portion of the token supply, their selling pressure can heavily influence the price, potentially leading to a further decline unless sentiment shifts.
Price Prediction Dilemma
- MATIC has been trading within a range of $0.65 to $0.75, failing to break out of this consolidation pattern.
- If bearish sentiment persists, the price may drop to $0.65 and potentially even further to $0.60.
However, a reversal in investor sentiment with increased activity could see the price breaking above $0.75 and aiming for $0.80, providing a bullish scenario despite the current challenges.
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