{"id":632795,"date":"2024-08-02T11:00:05","date_gmt":"2024-08-02T11:00:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=632795"},"modified":"2024-08-15T11:03:19","modified_gmt":"2024-08-15T11:03:19","slug":"polygon-90-million-matic-tokens","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/all\/polygon-90-million-matic-tokens\/","title":{"rendered":"Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5"},"content":{"rendered":"

Polygon (MATIC)<\/span><\/a> recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the <\/span>broader crypto market<\/span><\/a>.<\/span><\/p>\n

Polygon Faces Significant Selling Pressure<\/h2>\n

The Exchange-Onchain Market Depth indicator on the market intelligence platform <\/span>IntoTheBlock<\/span><\/a> shows that Polygon is currently facing <\/span>significant selling pressure<\/span><\/a>. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.\u00a0<\/span><\/p>\n

Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible?<\/a><\/div>\n

Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, <\/span>Polygon<\/span> is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.\u00a0<\/span><\/p>\n

\"Polygon
Source: IntoTheBlock<\/figcaption><\/figure>\n

The silver lining amid this wave of sell-offs is that <\/span>Polygon whales<\/span><\/a> look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.\u00a0<\/span><\/p>\n

\"Polygon
Source: IntoTheBlock<\/figcaption><\/figure>\n

Only 3% of <\/span>Polygon holders<\/span><\/a> are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC.<\/span><\/p>\n

\"Polygon
Source: IntoTheBlock<\/figcaption><\/figure>\n

Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. <\/span>Data<\/span><\/a> from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.\u00a0<\/span><\/p>\n

Market Conditions Not Making It Easier For MATIC<\/h2>\n

The <\/span>current conditions<\/span><\/a> in the broader crypto market have also contributed to Polygon\u2019s recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging <\/span>altcoins<\/span><\/a> down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin.<\/span><\/p>\n

Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?<\/a><\/div>\n

The flagship crypto has experienced this price decline thanks to the <\/span>rising tensions<\/span><\/a> in the Middle East, with Iran and Israel at the forefront. However, the <\/span>market is expected<\/span><\/a> to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.\u00a0<\/span><\/p>\n

At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Polygon
MATIC price remains below $0.5 | Source: MATICUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n

 <\/p>\n

Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.\u00a0 Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.\u00a0 The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.\u00a0 Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.\u00a0 Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygon\u2019s recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.\u00a0 At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.   Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[40670,89524,86442,76656,79614,83584,90093,89525,86440],"class_list":["post-632795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","tag-matic","tag-matic-news","tag-matic-price","tag-maticusd","tag-maticusdt","tag-polygon","tag-polygon-network","tag-polygon-news","tag-polygon-price"],"acf":[],"yoast_head":"\nPolygon Price Risks Plunge With 90 Million MATIC Tokens 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5","url":"http:\/\/uniquehot.com\/all\/polygon-90-million-matic-tokens\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/all\/polygon-90-million-matic-tokens\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Polygon-MATIC.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Polygon-MATIC.jpeg?fit=1792%2C1024"},"articleSection":"All","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic news","matic price","maticusd","maticusdt","polygon","polygon network","polygon news","polygon price"],"dateCreated":"2024-08-02T11:00:05Z","datePublished":"2024-08-02T11:00:05Z","dateModified":"2024-08-15T11:03:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/all\\\/polygon-90-million-matic-tokens\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/all\\\/polygon-90-million-matic-tokens\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Polygon-MATIC.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Polygon-MATIC.jpeg?fit=1792%2C1024\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic news\",\"matic price\",\"maticusd\",\"maticusdt\",\"polygon\",\"polygon network\",\"polygon news\",\"polygon price\"],\"dateCreated\":\"2024-08-02T11:00:05Z\",\"datePublished\":\"2024-08-02T11:00:05Z\",\"dateModified\":\"2024-08-15T11:03:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/08\/Polygon-MATIC.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/632795"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=632795"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/632795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/632819"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=632795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=632795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=632795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}