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Polygon (MATIC) Price Consolidates, Yet Bullish Momentum May Be Imminent

Polygon (MATIC) Price Consolidates, Yet Bullish Momentum May Be Imminent

Discover how Polygon (MATIC) could break out of its consolidation range between $0.74 and $0.64, and delve into the critical resistance and support levels.
3 minutes
05.05.2024
Editor Satoshi`s Secrets
Polygon (MATIC) Price Consolidates, Yet Bullish Momentum May Be Imminent

In Brief

The price of Polygon is currently in a consolidation phase, approaching a resistance level at $0.746. MATIC investors are showing signs of possible accumulation, a trend that has typically led to rallies in the past. Presently, only 33% of Polygon’s native token supply is profitable, suggesting significant potential for gains.

Polygon (MATIC) price is on the lookout for strong bullish signals that could launch the cryptocurrency out of its current stagnation.

As one of the assets with the least profit realization, it is probable that investors will drive a price increase to capitalize on gains.

Polygon Investors Hint at Accumulation

If investors stay the course, MATIC’s price could break above the $0.74 threshold. As long as these MATIC holders resist selling, the trend of consolidation may persist, but continued accumulation could trigger a price upswing.

This scenario appears likely for MATIC’s price, which is experiencing an increase in buying pressures. The amount of supply held on exchanges has dropped by 20 million MATIC in just three days. Although small relative to its market capitalization and other metrics, this reduction reflects a positive shift in investor sentiment.

Historically, such buying activities have led to short-term price surges. Should MATIC’s price follow this pattern again, it could effectively end the ongoing consolidation.

MATIC Exchange Supply. Source: Santiment

Less than 34% of the entire circulating supply of MATIC is currently profitable, a figure that is relatively uncommon. In contrast, at least 50% of the supply for most cryptocurrencies is typically in profit, even after market corrections.

This indicates that Polygon investors may be particularly eager to see profits, potentially discouraging them from selling their holdings. Given that MATIC has considerable potential for growth, this scenario could also lead to prolonged bullish trends.

MATIC Supply in Profit. Source: Santiment

MATIC Price Prediction: Aim for $0.80

Currently, the MATIC price is consolidated within a range between $0.74 and $0.64. This price bracket has remained intact at both ends for the past three weeks. Since mid-April, the Polygon native token has made several attempts to break through the upper boundary, which has served as a resistance level.

Now, the altcoin is nearing another such attempt. A surge in accumulation by Polygon investors could propel MATIC past the $0.74 mark, setting its sights on $0.80. Successfully overcoming the $0.81 resistance could trigger a recovery rally.

MATIC Price Analysis. Source: TradingView

On the other hand, if the attempt to breach the resistance fails, MATIC’s price could remain rangebound and potentially slip back down to $0.64. Losing this support level could drive the altcoin down to $0.60 and lower, effectively invalidating the bullish outlook.

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