Is it Possible for Polygon (MATIC) to Recover from the Recent Downturn?

Polygon (MATIC) saw a 7% growth after the successful network upgrade of Ethereum, but on-chain data reveals uncertainty over MATIC’s long-term outlook. Data from Santiment shows that crypto whales who accumulated MATIC in the build-up to the upgrade have now taken a neutral stand. Meanwhile, Glassnode’s on-chain data shows a 4% spike in MATIC exchange balance, indicating a potential sell-off by holders. These factors suggest that MATIC’s price could soon mirror the broader crypto market downtrend. IntoTheBlock’s Global In/Out of The Money chart predicts a potential significant buy-wall around $0.95, with $1.10 as the current support level. However, if the support level fails, the next line of defense will be the 50,000 addresses that bought 4.5 billion MATIC for an average price of $0.95. The article concludes that the market conditions are subject to change and recommends conducting personal research before making any financial decisions.

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