Polygon (MATIC) Price Analysis: Will Dormant Wallets Trigger an Uptrend?

In the last one year period, Polygon’s cryptocurrency, MATIC, has witnessed a decline of at least 21.6%. In this week alone, it has marked a fall of 17.7%. The price of MATIC touched a peak of $1.2700 in mid-March. Since then, the market has been losing its strength. It entered a sideways market in mid-April, post a sharp decline. How long will this weak trend continue? A new report published by Santiment indicates that it will not take long for MATIC to meet an uptrend. For more on this, read on!

MATIC Market: A General Overview

The MATIC market opened this year 2024 with a green candlestick. On the first day of the year, it closed at $1.0171. Later, for a short period, the market weakened. But in late January, the buyers of the market took control of the market. They took the price as high as $1.2711 in mid-March. Post that, the market situation overturned in favour of the sellers of the market. Post a sharp decline, the market emerged a sideways trend.

This month, on 16th, the buyers attempted to regain control of the market. They dominated the market for at least 9 consecutive days, taking the price from $0.4010 to $0.5716. For the last couple of days, the market saw consecutive red candlesticks, indicating the return of the selling pressure. It is important to see whether the mark of $0.4010 will act as a support or not.

Proposed MATIC Price Hike: What Expert Thinks

📊 Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this. pic.twitter.com/RY5NXe10ZW

— Santiment (@santimentfeed) August 28, 2024

In a recent X post, Santiment revealed about a surge in activity on Polygoin, with dormant wallets. There are chances that this increased activity would influence the price of MATIC positively. Often, a spike in activity leads to either a price reversal.

As conclusion, it is fair to say that something important is likely to happen in the MATIC market. The unexpected activation of dormant wallets can be seen as an early signal. Anyway, it is too early to make a market move based on what we know right now. It is better to wait until we see a clear signal in the chart.

Also Read: Altcoin Rebound on the Horizon? A Look at Bitcoin’s Market Impact

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