In the world of cryptocurrencies, Polygon (MATIC), a closely watched altcoin by investors for years, continues to experience developments. While a long-anticipated rise in MATIC has kept most investors at a loss, there is optimism that this situation might change in the future.
Polygon Comments
According to data provided by Coinmarketcap, the price of MATIC has dropped by over 5% in the last 7 days. As of the time of writing, MATIC was trading at $0.5706, causing its market cap to fall to $5.66 billion.
Data from IntoTheBlock reflected the extent of the decline in MATIC once again. Only a very small portion of investors, 6% or 39,800 address holders, were in profit.
On the other hand, a well-known analyst from World Of Charts also commented on MATIC. The analyst’s opinion, shared on X, drew attention.
According to the analyst’s post, significant levels were tested in MATIC’s upward formation. This, according to him, was the last opportunity for those wanting to invest in MATIC at low prices.
Looking at the graph shared by the analyst, it is seen that the price has been consolidating within the same channel since 2021.
If the MATIC price possibly transitions into the upward formation shared by the analyst and maintains it, a major MATIC rally could be observed in the market. According to the analyst’s post, depending on the rally, MATIC could move towards $4 or $5, as reflected in the charts.
Will MATIC Price Rise?
The analysis mentioned by the analyst indicated a buying opportunity for MATIC. In this context, Santiment’s data played an important role in predicting the moves made by investors.
According to the analysis, there was a significant increase in the exits from exchanges on the MATIC side. The decrease in supply on exchanges and the increase in supply flowing outside the exchange could also be interpreted as an increase in buying.
Despite the exits from exchanges, the lack of significant movement among whales was also noteworthy.
Despite the declines in price outlook, there was a noticeable improvement in Polygon’s weighted sentiment. This was interpreted as a positive outlook for the token. On the other hand, Polygon’s social volume indicators also showed a positive outlook.
