What’s Next for Polygon (MATIC) Price After Critical Binance Announcement?
Briefly
- on Monday, Polygon (MATIC) fell to a new 2023 low of $0.50 after the Binance exchange confirmed that Polygon Network had been removed from NFT Marketplace.
- On-chain data indicates that investors’ Exchange Inflows of 40 million MATIC tokens over the past week increased bearish pressure.
- A cost moving bunch of MATIC whales has previously sold $16 million throughout the last week, their best course of action could be essential.
MATIC value plunged to another 2023 low of $0.50 on Sept 11, days after Binance affirmed it would delist Polygon Organization from its NFT Commercial center. On-chain information investigation looks at how the new trade inflows of 41 million tokens could increase negative strain on MATIC’s cost.
Binance, the world’s largest cryptocurrency exchange, made the announcement on September 8 that it would end support for Polygon Network assets on its NFT Marketplace by September 26, 2023. Since that declaration, Polygon (MATIC) cost has declined by another 10% to hit another 2023 low. Can whale investors act to protect the $0.50 support area?
MATIC Holders are Bracing for More Sell Action
The massive influx of MATIC tokens into exchanges appears to have been exacerbated further by the announcement of Binance’s delisting on Friday.
On September 2, Polygon investors had 942.06 million MATIC tokens in exchange wallets, according to on-chain data compiled by CryptoQuant. However, by September 11, the Trade Stores had expanded by one more 41 million tokens to hit 983.7 million MATIC.
Notably, approximately 3.5 million of those new deposits were made between September 9 and September 11 following the announcement of the NFT Marketplace’s delisting.
The total sums that Polygon investors currently hold in wallets associated with reputable cryptocurrency exchanges are tracked by Exchange Reserves. Normally, when financial backers start to move resources into trades, it recommends that they might be seeking sell or trade them for different resources temporarily.
As a matter of fact, the graph above shows that MATIC’s cost has plunged essentially since the Trade Stores started to ascend on September 2. Therefore, a subsequent increase in the Exchange Reserves is likely to result in a further decline in MATIC prices without a corresponding increase in market demand.
Whale Investors Are Also Pilling on Sell Pressure
Throughout the last week, a cost sagacious companion of crypto whales holding 10 million to 100 million tokens appear to have likewise strengthened their selling pressure. The whales had a total on-chain balance of 189.7 million MATIC tokens as of September 2. By Sept 11, they held just 158.3 million tokens, having quickly offloaded 31.4 million tokens from their property.
This uncovers an association between the whirlwind of trade inflows which started on September 2, similarly as the whales sold.
Right now esteemed at $0.50, the whales’ 31.4 million tokens as of late sold are worth roughly $15.7 million. Because of their significant possessions, whales’ exchanging action frequently moves the market fundamentally.
In particular, the aforementioned chart emphasizes the close correlation between changes in the whales’ balances and recent MATIC price movements. Therefore, MATIC holders may suffer additional losses if their selling trend continues.
MATIC Price Prediction: Free fall to $0.33?
Losing $0.50 could set off a free fall toward $0.32 before the MATIC price finds significant support from an on-chain perspective. The In/Out of Cash Around Cost information, which frames the price tag dispersion of the ongoing MATIC holders, additionally portrays this clearly.
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The GIOM information shows that underneath the $0.50 level, MATIC’s next critical help level is $0.32, the typical value that 24,500 addresses had purchased 183.4 million tokens. On the off chance that they make vivacious last-ditch purchases to cover their positions, MATIC’s cost could bounce back.
But MATIC’s price is likely to fall to $0.32 if the bearish sentiment grows as anticipated.
Still, if the MATIC price rises above $1, Polycon bulls can regain control. However, as can be seen above, at an average price of $0.80, 58,000 addresses had purchased 4.1 billion tokens. Because this is the largest group of MATIC holders, that resistance level could be intimidating.
Yet, on the off chance that the bulls figure out how to push past that sell wall, MATIC’s cost might actually break above $1 interestingly since May 2023.
