Crypto whales are gathering MATIC, while daily active addresses are declining. Following a March decline, the supply on exchanges has stabilized.
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Polygon (MATIC) is displaying a complex pattern, with more activity from large investors (whales) but fewer daily active users. This combination of on-chain data suggests that sentiment in the market is uncertain.
Analyzing MATIC Trends: Whales, Active Addresses, and Exchange Supply
Initially, the number of addresses holding significant amounts of MATIC saw a decline, dropping from 273 to 252 by March 30. However, this trend reversed in the following days, with the count increasing to 266 by April 3. This suggests that whales may be “buying the dip,” indicating optimism for MATIC’s price increase.
MATIC Whales Holdings. Source: Santiment
Conversely, daily active addresses have consistently decreased, dropping from 2,959 by March 31 to 2,216 by April 3. This decline typically indicates reduced market interest.
MATIC Daily Active Addresses. Source: Santiment
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Meanwhile, the supply of MATIC on exchanges, after decreasing throughout March, has stabilized. This balance suggests that selling pressure has eased, potentially leading to a consolidation phase and setting the stage for future price movements.
MATIC Supply on Exchanges. Source: Santiment
Assessing MATIC’s Resistance Levels and Price Outlook
The In/Out of the Money Around Price (IOMAP) analysis reveals significant resistance for MATIC, particularly around $0.99 and within the range of $0.80 to $0.88. These levels suggest considerable hurdles for price movement.
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Considering these insights alongside observed market dynamics, a scenario of potential consolidation emerges, indicating a period where the price might stabilize before making a decisive move.
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MATIC IOMAP Chart. Source: IntoTheBlock
The future direction of MATIC’s price will heavily rely on market sentiment and its ability to overcome these resistance levels. Should a bearish trend prevail, MATIC could retreat to lower support levels, potentially around $0.68. Conversely, a breakthrough of these resistance levels could propel MATIC towards $1.30, a threshold not breached since April 2022.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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