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<ul class="news-points wp-block-list" wp-block-list>
 <li>MATIC price dives 70% in five months.</li>
 <li>Massive MATIC transfer fuels selling pressure.</li>
 <li>Polygon’s POL upgrade offers a potential lifeline.</li>
</ul>
Polygon’s native token, MATIC, has taken a steep dive, plummeting <a href="https://app.santiment.net/charts?settings=%7B%22slug%22%3A%22p-matic-network%22%2C%22ticker%22%3A%22MATIC%22%2C%22from%22%3A%222024-02-19T18%3A29%3A59.036Z%22%2C%22to%22%3A%222024-08-19T18%3A29%3A59.036Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%2326C953%22%5D%7D%5D" target="_blank" rel="noopener noreferrer nofollow">70% in just five months</a>. The recent crypto market volatility, coupled with a massive 30 million MATIC transfer from Binance to an unknown wallet, has only added to the downward pressure. While technical analysis sees a possible short-term rebound, the long-term outlook remains uncertain.
<figure class="wp-block-image size-full"><img decoding="async" width="602" height="265" src="https://coinedition.com/wp-content/uploads/2024/08/image-57.png" alt="" class="wp-image-469064" srcset="https://coinedition.com/wp-content/uploads/2024/08/image-57.png 602w, https://coinedition.com/wp-content/uploads/2024/08/image-57-300x132.png 300w, https://coinedition.com/wp-content/uploads/2024/08/image-57-380x167.png 380w, https://coinedition.com/wp-content/uploads/2024/08/image-57-159x70.png 159w, https://coinedition.com/wp-content/uploads/2024/08/image-57-440x194.png 440w, https://coinedition.com/wp-content/uploads/2024/08/image-57-414x182.png 414w, https://coinedition.com/wp-content/uploads/2024/08/image-57-326x144.png 326w, https://coinedition.com/wp-content/uploads/2024/08/image-57-377x166.png 377w, https://coinedition.com/wp-content/uploads/2024/08/image-57-123x54.png 123w, https://coinedition.com/wp-content/uploads/2024/08/image-57-129x57.png 129w" sizes="(max-width: 602px) 100vw, 602px">
</figure>
Currently, MATIC’s price is hovering around $0.43, close to the support level of $0.396. Market experts are watching the range between $0.396 and $0.356 closely as a critical support zone. If the price falls to this level, it could find a footing and potentially bounce back. A short-term dip might present a buying opportunity, but a sustained upward trend isn’t guaranteed until the price breaks through key resistance levels.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “The price could still easily form one more low, but pay attention to the micro support area between $0.396 and $0.356. I do not see this as a long-trade setup as long as the price has not even broken resistance or broken above the trend line, …
</blockquote>
The post <a href="https://coinedition.com/matic-to-pol-polygons-bold-move-for-a-new-ecosystem/" rel="noopener noreferrer nofollow">MATIC to POL: Polygon’s Bold Move for a New Ecosystem</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

MATIC to POL: Polygon’s Bold Move for a New Ecosystem

Coin Edition

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