Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»Is Polygon (MATIC) on the road to recovery after hitting a yearly low?
ALTCOIN NEWS

Is Polygon (MATIC) on the road to recovery after hitting a yearly low?

By Crypto FlexsAugust 16, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Is Polygon (MATIC) on the road to recovery after hitting a yearly low?
Share
Facebook Twitter LinkedIn Pinterest Email
  • Layer 2 altcoin MATIC recently crashed to a yearly low similar to 2022.
  • A seasoned cryptocurrency analyst has come up with a bullish theory for MATIC under one condition.
  • On-chain indicators show that despite a slight bounce, there is not enough buying pressure.

Popular Layer-2 blockchain Polygon (MATIC) recently dropped out of the top 20 cryptocurrencies by global market cap. Despite having made several deals with big names like Google, Nike, Disney, Coca-Cola, and Starbucks, MATIC’s reputation is now overshadowed by its dismal recovery efforts.

Why MATIC’s Rebound Rally Hasn’t Started

MATIC hit its yearly bottom last week, falling to $0.355 on August 5, 2024. It was a brutal day for the general cryptocurrency market, with all major market cap coins seeing double-digit losses. While some altcoins successfully bounced back a week later, Polygon remained stagnant as the consolidation phase lasted longer than most holders had anticipated.

Some experienced crypto traders have been waiting for this MATIC price drop. In a technical chart analysis published by crypto analyst Endless Grind, the 2022 bear market low was highlighted as a desirable entry point. MATIC briefly fell below the $0.40 resistance level on August 5 and 7, 2024, before successfully converting the $0.40 price barrier into support.

However, several on-chain metrics are showing signs of stagnation, with MATIC’s on-balance volume (OBV) dropping to a two-year low. This negative signal, which has dropped from -369M MATIC tokens in early 2024 to -1.438B today, shows that buying pressure on this altcoin is weak. Another indicator used to measure current momentum, Chaikin Money Flow (CMF), has also remained below 0 on the daily cryptocurrency chart.

How Polygon’s strength theory could unfold

Polygon’s 2022 yearly bottom was almost retested on August 5, 2024, but several traders interpreted the price action as a possibility of history repeating itself. MATIC 2022 hit $1.25 in November, bouncing back from below $0.40 in just 5 months.

Veteran crypto analysts like Ali Martinez see the recent MATIC price drop as the perfect setup for a similar bull run “if altcoin season starts.” With MATIC “about to melt its face,” Martinez warns the crypto audience that a weekly close below $0.30 would invalidate historically based bullish theories.

The 28th alternative cryptocurrency, Polygon, is trading at $0.42 and has seen a 1.2% gain in the last 24 hours. Looking away from the daily chart, it is clear that MATIC is still nursing its wounds from a 22.3% monthly decline, as the bulls have not been able to regain control.

On the other side

  • According to real-time data from IntoTheBlock, only 2% of current Polygon holders are profiting at this price.
  • Layer-2 altcoins have large holders, up to 86%, which can potentially cause centralization issues.

Why this matters

Originally called Matic Network, Polygon’s blockchain has become one of the leaders in global cryptocurrency adoption with numerous deals with real-world brands.

Read DailyCoin’s popular cryptocurrency stories:
How the founder of a Canadian cryptocurrency exchange lost $9.5 million in users’ Bitcoin and Ether by gambling
What’s behind the venture capitalists who criticize Hamster Combat?

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

SEI tokens have soared more than 100% in June -the highest catalyst explained.

June 26, 2025

$ 438m XRP Transfer Sparks Panic- Ripple?

June 19, 2025

Solana Price Eyes 103% Rally $ 300: Here is the reason.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Bitcoin Mining Can Help Prevent Methane Emissions

December 16, 2023

Bitfinex was one of the first companies to list JUP, the native token of Solana’s Jupiter.

February 11, 2024

Friend.tech’s plan to develop its own blockchain leaves users confused.

June 9, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.