MATIC Recovers After Price Drop, Indicates Strong Buyer Interest

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Influence of Polygon Foundation on the Growth of MATIC

Despite a recent large transaction, the MATIC token returned to its previous daily close. Are further gains in sight?

Price Drop and Recovery

MATIC dropped to $0.85, but recovered after the Polygon team sold some tokens. The price could rise to $0.96 if the bullish momentum continues.

The Polygon Foundation recently sent 9 million tokens to Binance, according to a recent revelation by Spot On Chain. According to the on-chain tracking platform, this was the second time in the last five days that Polygon has dumped MATIC.

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Selling Pressure and Buyer Interest

Large transfers like these usually cause the price of the cryptocurrency to drop due to selling pressure. Therefore, the quick recovery of MATIC suggested that the buying pressure exceeded what the sellers were doing.

If this was the case, it means that other things were happening on-chain. This prompted us to check the volume of Polygon. With data from Santiment, we found that the volume had increased. At press time, the metric had risen to 361.49 million.

Potential for Future Growth

Beyond the short-term outlook, AMBCrypto considered the total number of MATIC holders. On January 14, the number of MATIC holders was 63.71 million. But on Valentine’s Day, this number had risen to 67.47 million. An increase like this suggests that more market participants are convinced that the token will perform well in the long term.

Outlook

In the future, the price of MATIC could rise above $0.90. If more transfers to exchanges from the Polygon Foundation appear, the value could drop. However, a decrease in exchange inflows could increase MATIC’s chances of reaching $1.

Sources: Spot On Chain, Santiment, CoinMarketCap

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Profile Polygon-Matic
Symbol MATIC
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