Polygon (MATIC) Price Analysis: Implications of Whale Selling Activity

Polygon (MATIC) Price Analysis

The MATIC price is currently undergoing consolidation, with whale selling behavior contributing to this phase.

Polygon Whales Offload

MATIC price is facing pressure as whales offload considerable amounts of MATIC assets, signaling a lack of investor confidence in a recovery.

• In the last week, addresses holding between 1 million and 10 million MATIC have sold off over 21 million MATIC.
• The selling activity, amounting to $14.7 million, reflects large wallet addresses securing profits amidst market uncertainty.

MATIC Transaction Volume

The declining transaction volume and network activity accentuate a bearish outlook for MATIC.

1. Transaction volume has decreased sharply from $77 million to $21 million in recent weeks.
2. Reduced network activity could trigger further price drops due to lower liquidity and volatility.

MATIC Price Prediction

MATIC price remains trapped within the $0.65-$0.75 range, with failure to break out suggesting a potential drop to $0.60.

If investor sentiment shifts positively, breaching the $0.75 resistance could drive MATIC towards $0.80, invalidating the bearish scenario.