polygon (MATIC) continues to struggle with the recent collapse. After its partnership with Kraken exchange, MATIC brought its business to a good level and made new developments. The network, which also made an NFT minting agreement with Instagram, gained great momentum.
The developments were countered by the rise in the local token MATIC price. However, investors interpreted this rise as an opportunity to make a profit. As such, the selling pressure began to increase.
The on-chain whale tracker has detected that it is preparing to liquidate the assets in the whale wallet. Whale, 9 million MATIC assets Binancetransferred to .
Wallet movements of whales can often be decisive for the price of an altcoin. Investors are involved in price fluctuations based on whale movements.
Analyst SwalowPremium explained that he expects the MATIC price to decline if the trend is the same. The analyst predicted that the price would slip into the $0.77 level and visit the $0.58-0.62 consolidation range.
On the other hand, if MATIC can sustain its price above the support level, the crypto price may retest the resistance at $1.01.
According to CoinMarketCap data, MATIC has seen a 5% drop in price over the past 24 hours. It is currently trading at $0.8321. The altcoin has also fallen more than 6% in the past seven days.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.