Polygon

Crypto whales are gathering MATIC, while daily active addresses are declining. Following a March decline, the supply on exchanges has stabilized.<h2 id="header-0">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />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.<h3 id="strong-analyzing-matic-trends-whales-active-addresses-and-exchange-supply-strong">Analyzing MATIC Trends: Whales, Active Addresses, and Exchange Supply</h3>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.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines001.webp?resize&#61;640%2C218&amp;ssl&#61;1" />MATIC Whales Holdings. Source: <a href="https://app.santiment.net/" rel="noopener noreferrer nofollow">Santiment</a>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.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines002-2.webp?resize&#61;640%2C217&amp;ssl&#61;1" />MATIC Daily Active Addresses. Source: <a href="https://app.santiment.net/" rel="noopener noreferrer nofollow">Santiment</a><h2 id="header-1">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" />Meanwhile, the <a href="https://cryptosheadlines.com/chainlink-exchange-supply-hits-4-year-low-will-the-rally-persist/" rel="noopener noreferrer nofollow">supply of MATIC on exchanges</a>, 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.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines003-2.webp?resize&#61;640%2C217&amp;ssl&#61;1" />MATIC Supply on Exchanges. Source: <a href="https://app.santiment.net/" rel="noopener noreferrer nofollow">Santiment</a><h3 id="strong-assessing-matic-s-resistance-levels-and-price-outlook-strong">Assessing MATIC’s Resistance Levels and Price Outlook</h3>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 <a href="https://cryptosheadlines.com/dogecoin-price-levels-signaling-multi-year-breakout/" rel="noopener noreferrer nofollow">levels suggest considerable hurdles for price</a> movement.<a href="https://cryptosheadlines.com/elon-musks-x-platform-nears-dogecoin-integration/" rel="noopener noreferrer nofollow">Also Read: Elon Musk&#39;s X Platform Nears Dogecoin Integration</a>Considering these insights alongside observed <a href="https://cryptosheadlines.com/market-dynamics-to-be-impacted-by-significant-token-unlocks-bit-blur-ape-uni-and-fil/" rel="noopener noreferrer nofollow">market dynamics</a>, a scenario of potential consolidation emerges, indicating a period where the price might stabilize before making a decisive move.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/04/cryptosheadlines004-2.webp?resize&#61;640%2C164&amp;ssl&#61;1" />MATIC IOMAP Chart. Source: <a href="https://www.intotheblock.com/" rel="noopener noreferrer nofollow">IntoTheBlock</a>The future direction of <a href="https://cryptosheadlines.com/matic-price-targets-1-amid-bullish-sentiment-20-jump-expected/" rel="noopener noreferrer nofollow">MATIC’s price will heavily rely on market sentiment</a> 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.

Mixed Signals from Polygon (MATIC) Price

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