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Tag: MATIC Price

  • The Polygon Vesting Contract Is Officially Empty, Will This Send MATIC Price To $3?

    The Polygon Vesting Contract Is Officially Empty, Will This Send MATIC Price To $3?

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    Like many other crypto projects, the native token of the Polygon network, MATIC, was launched with some portion of the supply vested for the team over a period of time. In the case of Polygon, the vesting was for five years, and since 2019, there have been periodic token unlocks. However, the unlocks, which have often been a deterrent for investors, are now over, as the last batch was just released to the team.

    Polygon Last Unlock Goes To Team

    On Wednesday, February 21, the Polygon Foundation received the very last portion of their vested tokens from the vesting contract. In total, 273,304,816 million MATIC tokens valued at $260 million were released to the Foundation’s wallet.

    This unlock marks the very last unlock that the Foundation will receive, meaning that almost all of the available supply of MATIC is now in circulation. The latest unclog brings the circulating supply of the cryptocurrency to 9,618,318,574 out of its 10,000,000,000 maximum supply. As a result of this, the market cap of Polygon is sitting just above $9.14 billion with a fully diluted valuation (FDV) of approximately $5 billion.

    The entirety of the MATIC supply has been unlocked, which means that there will be no more tokens being brought into circulation. This is a huge milestone for the project, whose investors have waited years for the vested tokens to finally run out.

    Polygon trending below $1 | Source: MATICUSDT on Tradingview.com

    How Will This Affect The MATIC Price?

    The fact that the entirety of the MATIC supply is now in circulation is bullish for the digital asset, especially in the long term. Inflation is a factor that tends to drive investors away and keep them from holding their coins due to the fear of more tokens coming into circulation, causing supply to exceed demand.

    Now that the entirety of the supply is now in circulation, it gives the MATIC price a chance to enter into price discovery. However, there is still some concern about when the Polygon Foundation might start selling their coins as the entirety of the unlocked tokens still sit in the Foundation’s wallet.

    If they do decide to sell, though, it is likely that the foundation would do so through OTC (over-the-counter) deals to minimize the impact of such a sale on the token price. As a result, the MATIC price might not suffer much.

    At the time of writing, the MATIC token is trading at $0.95 with a 24-hour increase of 1.11%. Although its performance has been far from encouraging, the token is sitting only 67% below its 2021 all-time high of $2.92.

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Best Owie

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  • Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?

    Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?

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    Layer-2 network Polygon is reported to have competed with Ethereum in 2023, as both networks saw the most influx of new users. This development has once again raised concerns about MATIC’s price, considering that such an achievement should potentially mean that new money moved into the ecosystem last year. 

    Polygon and Ethereum Acquired The Most Users In 2023

    According to a report by Blockchain analytics firm Flipside, Polygon and Ethereum led the pack with 30.6 million acquired users in 2023. Giving a further breakdown, Polygon is said to have acquired 15,24 million users, while Ethereum attracted 15.4 million users. Meanwhile, these users are defined as persons who performed at least two transactions on the networks. 

    Despite falling about 160,000 short of Ethereum’s numbers, Polygon’s numbers are still impressive, considering that it ranked ahead of other networks like Bitcoin and Solana. The layer-2 network also outperformed other Ethereum L2 networks like Arbitrum, Optimism, and Base, which recorded 7.3 million, 3.3 million, and 1.9 million acquired users, respectively. 

    Notably, Polygon hit the ground running as soon as 2023 began, setting the record for monthly acquired users with 2 million in January. Interestingly, January 2023 was the first time MATIC rose above $1 in a very long while. It held above that level until the end of April 2023. After that, MATIC traded below that level for most of the year, only rising above $1 towards the end of December 2023. 

    MATIC price at $0.74 | Source: MATICUSDT on Tradingview.com

    Why Has MATIC Failed To Rise And Hold Above $1

    A recent analysis by Blockchain intelligence firm ChainArgos suggested that the Polygon team has been secretly selling off MATIC tokens, something which could have accounted for the significant sell pressures that have risen at different times for the crypto token. This could also serve as a plausible explanation for why MATIC has struggled to hold above $1 despite enjoying great utility. 

    The Polygon team was accused of not executing its token allocations in line with the publicly stated plan, with part of the allocated funds accounting for some of the tokens that were sold. These secret sales, which have for long gone under the radar, are said to be circumvented through wallets linked to the crypto exchange Binance. 

    So far, about 767 million MATIC have apparently been offloaded in these secret transactions. ChainArgos hinted at how these transactions have no doubt affected MATIC’s price on different occasions, as they noted that the outflows are a “good indicator for an upcoming top and subsequent move lower.”

    At the time of writing, MATIC is trading at around $0.73, up in the last 24 hours, according to data from CoinMarketCap. 

    Featured image from CoinGape, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Forecasts MATIC Price Recovery With This 16% Swing

    Crypto Analyst Forecasts MATIC Price Recovery With This 16% Swing

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    MATIC was one of the altcoins affected by the recent market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This negative sentiment pushed the cryptocurrency’s price from trading at nearly $1 to below $0.85 in a single move.

    However, the tide seems to be turning in favor of the bulls, as the MATIC coin has jumped more than 1.2% in the past day. In fact, a popular crypto analyst on the X (formerly Twitter) platform has sounded a buy alarm for Polygon’s native token.

    Can MATIC’s Price Return To $0.96?

    In a recent post on X, crypto analyst Ali Martinez has put forward a bullish projection for the price of MATIC over the coming days. According to the crypto pundit, the cryptocurrency looks set to recover all its lost gains in a potential upward price movement.

    The reasoning behind this bullish prediction for the Polygon token revolves around the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to identify the exact time of trend exhaustion and price reversal.

    Martinez noted in his analysis that the TD indicator is currently flashing a buy sign on MATIC’s 4-hour price chart. However, the crypto analyst highlighted that a bullish future for MATIC hinges on a spike in buying pressure around the current price levels.

    This could potentially see the Polygon token climb toward $0.88 and as high as $0.96, Martinez said. Ultimately, this bullish prediction depicts an almost 16% surge from the current price point. 

    It is worth noting that the Relative Strength Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is currently at 38.2. When the RSI is below 50, it may suggest that the token is witnessing some bearish momentum.

    MATIC Price Overview

    As of this writing, the price of MATIC stands at $0.828969, reflecting a mere 1.2% increase in the past 24 hours. Polygon’s sluggish performance in the past day emphasizes the altcoin’s struggles over the last seven days.

    According to data from CoinGecko, the MATIC price has declined by more than 14% in the past week. And this recent market downturn saw the cryptocurrency lose virtually all of the profits it accrued in December.

    Nevertheless, MATIC ranks as the 14th-largest cryptocurrency in the sector, with a market capitalization of about $7.8 billion.

    MATIC price succumbs to bearish pressure on the daily timeframe | Source: MATICUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Opeyemi Sule

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  • Polygon (MATIC) Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says

    Polygon (MATIC) Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says

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    Polygon (MATIC) is the altcoin in focus this time around as an analyst provides an analysis of the crypto token. Based on this analysis, there is a feeling that things could soon begin to look up for MATIC.

    Polygon Could See Significant Rally Soon

    In a video shared on the Cheeky Crypto YouTube Channel, crypto analyst JB noted that MATIC has declined following Bitcoin’s pullback. However, this move is unexpected as he believes that the crypto token’s decline to the particular retracement area sets it up nicely for an upward move. Based on his projection, MATIC could rise to between $0.87 and $1.36.

    JB also factored in other things that could suggest that an upward move is imminent. He alluded to the stochastic level, which had initially suggested an overbought condition. However, it has sharply corrected indicating that there could be another push to the upside for MATIC. On the other hand, the crypto analyst was also wary of factors that could spell a move to the downside.

    One of them happens to be the volumes that are seen across various cryptocurrencies. JB stated the current volumes aren’t great, and this has weakened the prices of these crypto tokens. This could potentially hinder any projection of an upward move. Another is the possibility of MATIC losing the cross above the 200 EMA, as this suggests that a dump is imminent. 

    Earlier in the video, JB had also emphasized the 5-wave pattern that was forming on different timeframes on the MATIC chart. The analyst seemed uncertain about whether or not the fifth wave was just forming. He noted that a push above $94.5 would suggest that the last wave is still to come. There is also the possibility that it could just be an A, B, and C pattern. 

    Polygon price makes its way above $0.85 | Source: MATICUSD on Tradingview.com

    MATIC To $100 Still Possible

    Still analyzing MATIC’s price pattern on the charts, JB mentioned that he was still bullish on the crypto token ahead of the imminent bull market. He had previously mentioned a target of $100 for MATIC in the next bull run, and he is still standing by the projection. In fact, JB noted that a new structure forming on the charts suggests that the crypto token could rise higher than that. 

    As part of this prediction, he sees MATIC being a “powerhouse” in the bull run and being one of the standout altcoins. One of the factors that he believes will contribute to MATIC’s dominance is the potential approval of the pending Ethereum Spot ETF applications. He believes that the crypto token could be a huge beneficiary, considering its role in the Ethereum ecosystem. 

    At the time of writing, MATIC is trading at around $0.85, down over 1%, according to data from CoinMarketCap.

    Featured image from Admiral Markets, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Crypto Analyst Predicts 100% Price Surge For MATIC – Here’s What Needs To Happen

    Crypto Analyst Predicts 100% Price Surge For MATIC – Here’s What Needs To Happen

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    MATIC, the native token of the Polygon network, has been on an exciting run in the past few weeks, like several other altcoins in the market. Despite the positive price performance, the cryptocurrency has not been able to return above the $1 mark, seemingly facing rejection at the $0.9 zone.

    However, it appears that the tides might be changing for MATIC following a crypto analyst’s projection. 

    Will MATIC Price Skyrocket 100% If This Happens?

    Prominent crypto analyst Ali Martinez has put forward their bullish projection for the MATIC price in the near future. In a post on the X platform, the analyst revealed that the altcoin could be set for a bullish breakout that could catapult its price to double its current value.

    Martinez’s prediction revolves around the symmetrical triangle pattern forming on the Polygon weekly price chart. Interestingly, the MATIC triangular formation is around the $0.96 price point, intersecting with the 50% Fibonacci retracement level.

    This pattern forms a basis of Martinez’s projection, as the analyst believes “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout.” According to the analyst, a break through this critical price level could send the altcoin to $1.82.

    This projection represents an approximately 100% rally from the current price point. As of this writing, the Polygon token is valued at $0.905165, reflecting a nearly 2% price decline in the past 24 hours. Nevertheless, MATIC ranks as the 15th-largest cryptocurrency, with a market capitalization of roughly $8.42 billion.

    On-Chain Data Reveals Minimal Resistance Ahead

    A particular on-chain data revelation adds even more strength to Martinez’s $1.82 projection for MATIC price. In an earlier post on X, Martinez revealed that the Polygon token might be set to go on a bullish run.

    This theory is based on price data from the analytics platform IntoTheBlock. According to the blockchain platform, about 42,000 addresses purchased 5.8 billion tokens between $0.80 and $0.86, making the price range a “key” support zone.

    42,000 addresses purchased 5.8 MATIC billion tokens between $0.80 and $0.86 | Source: Ali_charts/X

    As displayed in the chart above, the small size of the dots indicates the low density of investors and no major on-chain resistance above the current MATIC price. “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds,” according to the analyst.

    MATIC

    MATIC price hovers around the $0.9 mark on the daily timeframe | Source: MATICUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

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    Opeyemi Sule

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