Polygon

Coin

<ul class="news-points"> 
 <li><strong>Both FTX and the Polygon team distributed MATIC, as the token fell to $0.73.</strong></li> 
 <li><strong>If MATIC fails to rebound to $0.75, the price may drop below $0.70.</strong></li> 
 <li><strong>Should demand appear when MATIC becomes overbought, the price may reverse upwards.</strong></li> 
</ul> 
<p>Despite hitting close to $1 in mid-November, the price of <a href="https://coinedition.com/matic-slips-below-critical-area-making-a-way-for-bears-to-strike/">Polygon (MATIC)</a> has decreased to $0.73. This value represents an 8.25% decrease in the last seven days, according to CoinMarketCap data.&nbsp;</p> 
<p>The decline in MATIC’s price mirrors the trend observed in other altcoins. Furthermore, there are factors suggesting the possibility of further declines. Smart money on-chain tracker Lookonchain highlighted some of these in a post on X (formerly Twitter).</p> 
<h2 class="wp-block-heading" id="h-a-combination-of-large-sell-orders"><strong>A Combination of Large Sell Orders</strong></h2> 
<p>According to Lookonchain, defunct exchange FTX transferred 8 million MATIC tokens, valued at $5.95 million, to Coinbase and OKX in the early hours of November 28.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">In the past 8 hours, <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#FTX</a> transferred 8M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$MATIC</a>($5.95M) and 1,592 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$ETH</a>($3.22M) to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Coinbase</a> and <a href="https://twitter.com/hashtag/OKX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#OKX</a>.<a href="https://t.co/1qZ967Agee" target="_blank" rel="nofollow">https://t.co/1qZ967Agee</a> <a href="https://t.co/Ce6nMUGlVD" target="_blank" rel="nofollow">pic.twitter.com/Ce6nMUGlVD</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1729311926700888510?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Typically, transactions like this create price volatility while suggesting a potential …</p>
<p>The post <a href="https://coinedition.com/polygon-matic-distribution-jumps-is-price-about-to-drop/">Polygon (MATIC) Distribution Jumps: Is Price About to Drop?</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

Polygon (MATIC) Distribution Jumps: Is Price About to Drop?

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