Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near

Analysis3wks agoUpdate 6086cf...
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In Brief

  • Polygon price is currently stuck in consolidation, heading towards the resistance level at $0.746.
  • MATIC holders are exhibiting signs of potential accumulation, which has historically resulted in rallies.
  • Only 33% of the Polygon native token’s supply is in profits, making it eligible for considerable gains.

Polygon (MATIC) price awaits strong bullish cues that could propel the altcoin out of the consolidation it is currently stuck in.

Given that the altcoin is among the lowest profit-bearing assets, it is likely that investors will push for a price rise to book profits.

Polygon Investors Hint at Accumulation

MATIC price could see a breakout above the $0.74 barrier if only investors act accordingly. As long as these MATIC holders refrain from selling, consolidation could continue, and accumulation could enable an upswing.

This is the likely outcome for MATIC’s price, which is observing a surge in buying pressures. The supply held on the exchanges has seen a 20 million MATIC decline in the last three days. Although compared to other values and market capitalization of the altcoin, this supply is not much, it is a testament to the investors’ sentiment.

In the past, such instances of buying have been followed by short-term price spikes. If MATIC price witnesses the same outcome this time, it could invalidate the consolidation.

Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near
MATIC Exchange Supply. Source: Santiment

Less than 34% of the entire circulating supply of MATIC is in profits, which is relatively uncommon. Despite the recent corrections, at least 50% of most of the cryptocurrency supply is in profit.

This suggests that Polygon investors are likely desperate for profits, which could keep them from selling their holdings. Since MATIC has considerable room to grow, it could also witness extended bullishness.

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near
MATIC Supply in Profit. Source: Santiment

MATIC Price Prediction: Reclaim $0.80

MATIC price is consolidated between $0.74 and $0.64. This range has been unbroken on both ends for the past three weeks. Since mid-April, the Polygon native token has attempted multiple times to breach the upper limit, acting as resistance.

Now, the altcoin is close to doing the same this time around. A push from Polygon investors’ accumulation could help MATIC breach $0.74, pushing it towards $0.80. Successfully flipping the resistance of $0.81 would initiate a recovery rally.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near
MATIC Price Analysis. Source: TradingView

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

Top crypto platforms | May 2024

This article is sourced from the internet: Polygon (MATIC) Price Stuck in Consolidation, But Bull Rally Could Be Near

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