cryptonewsland.com
- MATIC is closer to the historical support level that triggered price increases of 300-600%.
- Despite the recent adjustments in the price, MATIC continues to trade significantly, which is a good sign of market demand.
- The significant movements of MATIC tokens have prompted concerns of market manipulation.
Polygon Network’s token MATIC has spurred the interest of trading and analytical communities as it approaches a significant support level. According to a recent post by AMCrypto, historical data shows that this specific support level has previously signaled substantial price surges for MATIC.
$MATIC is now at its multi-year support level.
— AMCrypto (@AMCryptoAlex) August 29, 2024
The last 2 times it touched the support level, MATIC pumped 600% and 300%.
If something similar happens again, MATIC will be trading above $1.2 by the year end. pic.twitter.com/qWFSumd7Bs
During previous instances when MATIC reached this level, the token surged by an impressive 600% and 300%. With MATIC at this pivotal position again, market analysts are speculating whether history will repeat itself, potentially propelling the token beyond $1.20 by the end of the year.
Current Market Performance
Currently, MATIC is trading at $0.4199 which is lower by 0.9% in the past 24 hours. In the past week, the token has been experiencing a more significant drop in its value, down by 20%. However, it is important to note that despite these$278,887,769. Such a level of activity suggests that traders and investors are closely monitoring the token, which may indicate that they expect a rebound or further decline depending on the situation and indicators on the market.
On-Chain Activity Raises Eyebrows
Besides the price fluctuations, there has been significant on-chain activity associated with MATIC tokens. Whale Alert, a blockchain tracking platform, has noted the movement of MATIC tokens in recent days, with the largest single transfer being 196 million tokens worth around $83.8 million.
These tokens were transferred from Polygon Staking to an unknown wallet, and back to Polygon Staking within the same day. These large exchanges have prompted concerns from investors and analysts.Some have speculated that these moves may be an instance of market manipulation or restructuring by the large holders.
The MATIC has touched its historical support level and has some large-scale transfers that have made the cryptocurrency market somewhat skeptical. While some analysts anticipate that it could bounce back to where it has been before based on prior trends, others argue that the stock market is unpredictable and can change in a snap. However, the crypto community has not reached a consensus on whether MATIC will continue with the previous rallies or the recent on-chain activity.