Polygon [MATIC] has recently experienced a notable decline in market value, made more apparent by the decrease in staking figures and price appreciation.
This week, Polygon’s staking performance hit a new low, with the total staked MATIC amount down 35% from last week, suggesting that investor confidence in the token may be shaken.
According to CoinMarketCap data, the price of MATIC has fallen by more than 27% to $0.4035. According to IntoTheBlock, only 2% of investors are currently in profit. Polygon has been struggling with market cap losses over the past few months, which seems to have had a negative impact on the staking ecosystem. The decline in the amount of staked MATIC since early July is also affecting the token’s price performance. MATIC currently has a market cap of just over $4 billion, ranking it 22nd among cryptocurrencies.
Looking at MATIC’s on-chain data, there is a general negative sentiment towards the token. While social volume briefly increased, this increase quickly retreated and interest in the altcoin decreased. However, there are some optimistic signs. In the last month, the supply of MATIC on exchanges has decreased slightly, while the supply outside of exchanges has increased. This suggests that some investors are accumulating the token in anticipation of future price increases. In addition, the amount of MATIC held in large addresses has also increased, indicating that large investors (or ‘whales’) are putting buying pressure on the token. These activities indicate that some market participants expect MATIC to recover soon.
Technical indicators offer additional insight into MATIC’s market outlook. The MACD (Moving Average Convergence Divergence) indicator is giving a bullish signal, which could indicate potential positive momentum. Similarly, the Chaikin Money Flow (CMF) index is moving towards a neutral sign, suggesting increasing capital inflows into the token.
Despite these optimistic signs, caution is warranted. The Relative Strength Index (RSI) is still showing sideways movement, meaning that MATIC may need more time before entering a clear bullish phase. This mixed picture requires investors and market analysts to take a balanced approach.
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