Polygon

<ul><li>MATIC price drops below $0.80, reversing early December gains amid rising selling pressure and whale activities.</li><li>The exchange supply of MATIC hits a 6-month high, indicating a bearish market trend and increased liquidity.</li><li>Significant whale profit-taking was observed, with network-realized profit/loss spikes aligning with MATIC&#39;s price decline.</li></ul>In the volatile cryptocurrency world, the value of Polygon&#39;s native token, <a href="https://cryptotale.org/polygons-matic-token-faces-potential-downturn-amidst-market-volatility/" rel="noopener noreferrer nofollow">MATIC</a>, has dropped significantly, falling below the $0.80 threshold in early Monday trading, according to an FX Street <a href="https://www.fxstreet.com/cryptocurrencies/news/polygon-price-declines-below-080-wiping-out-gains-from-past-two-weeks-202312180818" rel="noopener noreferrer nofollow">report</a>. This decline erases the gains MATIC had accumulated in the first two weeks of December, highlighting the fluctuating nature of crypto markets.MATIC&#39;s bearish trend is further substantiated by on-chain metrics, with a notable increase in the token&#39;s supply on crypto exchanges. From December 1, the supply of MATIC on exchanges rose from 9.05% to 9.18% by Monday, marking a six-month high. This increase suggests heightened selling pressure, which typically aligns with a bearish market sentiment for cryptocurrencies like MATIC.The price drop coincides with significant activity from large-wallet investors, often called <a href="https://cryptotale.org/bitcoin-whales-actions-point-to-positive-market-outlook-report/" rel="noopener noreferrer nofollow">whales</a>. These investors appear to capitalize on recent price rallies, opting for profit-taking.This trend is evident from the Network Realized Profit/Loss (NPL) data, which, per FX Street, shows notable spikes in profit-taking on December 12, 14, and 17, with the most substantial spike occurring on December 17. This data aligns with an uptick in high-value whale transactions, supporting the idea that these major players are choosing to liquidate their holdings.Read full article at <a href="https://cryptotale.org/matic-faces-bearish-outlook-amid-whales-profit-taking/" rel="noopener noreferrer nofollow">CryptoTale.</a>

MATIC Faces Bearish Outlook Amid Whales' Profit-Taking

CryptoTale

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