Polygon’s cryptocurrency, MATIC, has fallen at least 21.6% in the last year. It’s down 17.7% this week alone. MATIC’s price peaked at $1.2700 in mid-March. Since then, the market has been losing momentum. It entered a sideways market in mid-April after a sharp decline. How long will this weak trend continue? A new report published by Santiment suggests that it won’t take long for MATIC to enter an upward trend. Read on for more details!
MATIC Market: General Overview
The MATIC market opened this year 2024 with a green candle. On the first day of the year, it closed at $1.0171. Later, the market weakened for a short period. But in late January, market buyers took control of the market. They raised the price to $1.2711 in mid-March. After that, the market situation changed in favor of the market sellers. After a sharp decline, a sideways trend emerged in the market.
This month, on the 16th, buyers tried to regain control of the market. They dominated the market for at least 9 days in a row, pushing the price from $0.4010 to $0.5716. The market has seen consecutive red candles over the past few days, indicating that selling pressure is returning. It is important to see whether the $0.4010 mark will act as support or not.
Proposed MATIC Price Increase: What the Experts Think
📊 Polygon has been among the many networks that have been on the decline since the cryptocurrency’s pullback began in March. However, a noticeable spike in on-chain activity could be a sign that a MATIC reversal is coming soon. Active addresses and spikes in dormant coins are common signals that precede this. pic.twitter.com/RY5NXe10ZW
— Santiment (@santimentfeed) August 28, 2024
In a recent post, X Santiment reported a surge in activity on Polygoin with dormant wallets. There is a possibility that this increased activity will positively impact the price of MATIC. Often, a surge in activity will either cause a price reversal.
In conclusion, something important is likely to happen in the MATIC market. The unexpected activation of dormant wallets can be seen as an early signal. In any case, it is too early to make a market move based on what we know now. It is better to wait until we see a clear signal on the chart.
Read also: Altcoin Revival on the Horizon? A Look at Bitcoin’s Impact on the Market
