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Investors’ concerns about Polygon (MATIC)’s price rise amid a slump in the cryptocurrency market

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Investors’ concerns about Polygon (MATIC)’s price rise amid a slump in the cryptocurrency market



  • Polygon’s price has decreased by 11% in the past seven days.
  • The growth of the network has slowed for three months in a row.
  • MATIC could fall to $1 under the current crypto market conditions.

Throughout the downturn in the crypto market, Polygon’s native token has performed poorly. Given the lack of retail interest, a thorough examination of on-chain data suggests that the MATIC price may experience additional declines.



The Polygon Network Isn’t Growing

Polygon is a Layer-2 scaling solution made to reduce Ethereum’s throughput issues and prohibitive gas fees. Concerns about the Polygon ecosystem’s long-term viability appear to be raised by Ethereum’s successful switch from PoW to PoS.

On-chain information from Glassnode shows the volume of new addresses made on the Polygon network has consistently declined since December 2022. The recent announcement of the Shanghai upgrade for April 12 seems to have exacerbated the current downtrend.

On March 17, a few days after the Shanghai upgrade date was announced, new daily addresses created on the Polygon blockchain entered another downswing after the early March resurgence.

Indeed, from the local high of 1,960 addresses created on February 17 to 1,318 addresses as of March 21, the number of new daily addresses on the Polygon network has decreased by 32%.


A decrease in the number of new addresses added to a blockchain network indicates a decrease in interest in its core services and application scenarios. As a result, the underlying token may have difficulty attracting new customers.

Crypto whales, on the other hand, appear to be scared. According to Santiment data, addresses with 10 million to 100 million MATIC tokens have sold or redistributed approximately 43 million MATIC worth approximately $55.9 million in the past month.


This group of crypto whales reduced their reserves from 253 million to 211 million between February 22 and March 21. Notably, a closer look at the chart reveals that crypto investors with holdings ranging from 10 million to 100 million MATIC have developed a strong correlation with price.





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MATIC Price Prediction: Potential Dip Below $1

The Exchange Market Depth model from IntoTheBlock gives a data-driven estimate of what might happen to MATIC prices in the coming weeks. It is a separate collection of token holders’ limit orders. It shows important support and resistance areas in relation to the current prices.

At 5% below the current prices, the bearish trend will likely come to an end. This is $1.03, and there is a significant demand for 3.5 billion MATIC.

Still, Polygon’s price could fall to $0.90 if this demand wall isn’t held, where there is a buy-wall for another 1.2 billion MATIC.

On the other hand, MATIC should cross above $1.14, where 138 million tokens are available to be purchased, to negate the critical standpoint. The next obstacle to overcome is the sell-wall of 1.35 billion MATIC at $1.30.

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