MATIC, the native cryptocurrency of the Polygon network, has reached a critical multi-year support level, stirring considerable interest among crypto traders and investors. Renowned crypto analyst AMCrypto highlighted this development in an X post on Friday, noting the significance of this support level in MATIC’s price history.
According to the analyst, in the last two instances when MATIC touched this crucial support level, the crypto experienced impressive rallies, surging by 600% and 300%, respectively. If history repeats itself, AMCrypto predicts that MATIC could climb above $1.20 by the end of the year.
As of press time, MATIC is trading at $0.4182, reflecting a significant drop of 4.78% in the last 24 hours. Over the past week, MATIC has seen a more substantial decline, with its price falling by 20.48%. Despite the downward trend, MATIC continues to witness substantial trading activity, with a 24-hour trading volume of $258,727,258.
Meanwhile, blockchain tracking platform Whale Alert has reported significant on-chain activity involving MATIC. In a series of X posts on Friday, Whale Alert disclosed that 196 million MATIC tokens, valued at $83.6 million, were transferred from Polygon Staking to an unknown wallet. Shortly after, a reverse transaction occurred, with the same amount of MATIC moved back to Polygon Staking from the unknown wallet.
These large-scale transfers have sparked speculation within the crypto community, raising questions about potential market manipulation or strategic repositioning by large holders. The transfer of such a substantial amount of MATIC could influence market dynamics, especially as the token hovers around its crucial support level.
MATIC Spikes in On-Chain Activity Amid Dormant Coin MovementMATIC’s current situation is being watched closely in the cryptocurrency market, which is notorious for its volatility. The combination of historical price patterns and the on-chain data suggests that a critical period is ahead for MATIC.
Investors are now left to ponder whether MATIC would replicate its past performance and surge or if the recent large token movements signal a different outcome. The crypto community keenly observes how these developments would unfold in the future.
