Polygon (MATIC) Price Analysis: Will Dormant Wallets Trigger an Uptrend? – analysis by CoinPedia
The MATIC market opened this year with a green candlestick. On the first day of the year, it closed at $1.0171. Later, for a short period, the market weakened. But in late January, the buyers of the market took control of the market. They took the price as high as $1.2711 in mid-March. Post that, the market situation overturned in favour of the sellers of the market. Post a sharp decline, the market emerged a sideways trend.
This month, on 16th, the buyers attempted to regain control of the market. They dominated the market for at least 9 consecutive days, taking the price from $0.4010 to $0.5716. For the last couple of days, the market saw consecutive red candlesticks, indicating the return of the selling pressure. It is important to see whether the mark of $0.4010 will act as a support or not.
In a recent X post, Santiment revealed about a surge in activity on Polygoin, with dormant wallets. There are chances that this increased activity would influence the price of MATIC positively. Often, a spike in activity leads to either a price reversal.
As conclusion, it is fair to say that something important is likely to happen in the MATIC market. The unexpected activation of dormant wallets can be seen as an early signal. Anyway, it is too early to make a market move based on what we know right now. It is better to wait until we see a clear signal in the chart.
