A significant development occurred yesterday in the world of cryptocurrency for MATIC. The distribution process for the cryptocurrency has now come to an end. This is indicated to have positive reflections for the altcoin MATIC. Particularly at a time when a bull season is expected, this move could mean a mega rally for the cryptocurrency.
Polygon (MATIC) Completes Distribution Process
With the expected unlocking, Polygon’s Foundation Contract has completed the distribution process of MATIC tokens. This significant step marks the beginning of an exciting period for holders. The release of 273 million MATIC tokens can be considered a major turning point at this stage of the market, which has been under significant inflationary pressure until now. This step brings unlimited potential for the Polygon ecosystem.
According to Etherscan data, the distribution of the last MATIC tokens has been completed, and the current circulating supply has now reached 9.28 billion MATIC. This reaffirms Polygon’s position among the largest cryptocurrencies by market value.
Altcoin MATIC Price
Currently, the MATIC price is still trading just above the weekly support level of $0.942. However, technical analyses indicate that altcoin MATIC is preparing to enter a potential uptrend. The recent formation of lower highs and swing lows suggests a potential bottom formation and consolidation in the price. This situation points to the start of a significant upward movement in the near future.
In the coming days, if the MATIC price holds above the $0.942 level, we could witness a significant rally. In this scenario, the price could show a 30% increase up to the $1.22 level. However, if the price breaks below the $0.942 level, a 15% decline could occur, taking it down to $0.782. In this bearish scenario, altcoin MATIC could even drop to the $0.691 level.
After yesterday’s distribution, it seems that an exciting period is now beginning for Polygon’s MATIC token. Technical analyses indicate that significant price movements could occur, and it is a period for investors to be cautious. In the coming days, it will be beneficial to follow the price movement of altcoin MATIC, which will also have shed its inflationary pressure.
