Polygon (MATIC) surged 15% on Friday to trade at a high of $0.4397. This price increase came after Binance added new MATIC spot and perpetual contracts to mark Polygon’s upgrade from MATIC to POL.
However, MATIC (POL) has since shed off some of the weekend gains and is currently at a crucial support level of $0.37. Polygon is trading at $0.37, representing a 24-hour decline of 1.83%.
This analysis explores MATIC’s (POL) next possible moves and its potential to reclaim lost gains.
Binance Integration Sparks Polygon (POL) Surge
Polygon has completed its token migration from MATIC to POL, boosting investor excitement. Following the upgrade, Binance listed POL with multiple trading pairs, including POL/USDT, POL/ETH, etc., on Friday.
This upgrade aims to make the token more appealing to users and validators, improving its overall utility. Binance also announced the integration of POL into its services, such as Binance Simple Earn, Buy Crypto, and Auto-Invest.
How this Could Affect POL’s Price?
As more exchanges, like Binance, integrate POL, the token’s exposure and usage will likely grow. This wider availability can attract new investors, boosting demand.
As the token becomes more accessible, trading activity increases, which can push the price higher.
“Full MATIC-POL spot migration had already happened, but new charts are multiples more important,” said a crypto analyst, DeFiyst, on X. “First successful big token migration we’ve seen in a while; expect other projects to follow,” DeFiyst added.
Whale’s Activities Signal A Bullish Sentiment
Other bullish drivers exist besides Binance’s new listings. Recent data from Santiment suggests that whales are still holding their Polygon tokens. The data shows these whales hold 74.7% of MATIC’s total supply.
📊 Altcoins such as Injective (INJ), Render (RENDER), and Polygon (MATIC) are among several that saw plenty of price anomalies after whale exchange wallet supply suddenly shifted to whale cold wallet supply. These anomalies are fantastic as both short & long term signals. pic.twitter.com/3oY4URcAb7
— Santiment (@santimentfeed) September 16, 2024
Further, the data shows that 81% of the 624,945 Polygon holders have kept MATIC (POL) for over a year. Interestingly, 16.5% of these wallets have held MATIC (POL) for 1 to 12 months, while just 2% have held it for less than a month.
This strong HODLing behavior reduces the amount of tokens circulating, which can help support or increase the price.
Fewer people selling the token creates less supply in the market, making it less likely for the price to drop.
Polygon (MATIC) Struggles Below Key Resistance Amid Bearish Indicators
However, despite the bullish fundamentals, technical indicators paint a bearish picture for MATIC. The Moving Average Convergence/Divergence is below its signal line and has fallen into negative territory.
This shows momentum is leaning toward sellers, signaling continued downward pressure on the coin.
Additionally, the Relative Strength Index is currently at 41. MATIC (POL) isn’t in oversold territory yet, but it’s edging closer to a point where traders may start worrying about further declines.
MATIC is also trading below a strong bearish trendline, further reinforcing the trend and keeping price action constrained. However, MATIC still holds above a critical support level at $0.373. A break below it could trigger further declines, while holding above it offers hope for a possible recovery.
For the market to turn bullish, two things need to happen. First, the $0.373 support must hold. Second, MATIC must break above the bearish trendline with a strong upward move.
So, traders may want to wait for the market to break above the trendline before considering long positions.
In the meantime, investors could explore alternatives while MATIC consolidates. Novel projects like Memebet Token may offer more immediate potential until MATIC confirms a breakout. They could help investors diversify their portfolios to spread risk against market eventualities.
Memebet Token: A New Player in the Crypto Casino World
Memebet Token is shaking up the crypto scene with its unique investment narrative. It combines meme coins with online gambling. The project has raised over $244,000 in its ongoing presale, and investors are excited about its potential.
Features of Memebet Token
Memebet will launch its casino before the presale ends. According to its website, players can bet using popular meme coins like SHIB, DOGE, and PEPE. This feature adds utility to these tokens, increasing their appeal to investors.
The project aims to improve the reputation of meme coins by offering gambling opportunities. Large investors have already started participating, with one whale recently scooping $50,000 worth of Memebet tokens. This early support suggests investor confidence in Memebet’s long-term potential.
Token holders can also access special packages via airdrops, bonuses, and loot boxes with real-world prizes. A VIP community for meme and casino enthusiasts is also available for patient token holders.
Moreover, Coinsult audited the Memebet Token and found no critical errors, which gives investors more confidence in the project’s safety.
Additionally, Memebet is a regional sponsor of Argentina’s national football team, adding credibility and visibility to the project. Some pundits believe Memebet could be one of the biggest presales of 2024, and its price will likely surge once it gets listed.
The Memebet token currently trades at $0.0252, and the price will skyrocket soon. So, now is your chance to get them at lower prices.
You can buy $MEMEBET using ETH, BNB, USDT, POLY, or fiat currency. Visit the presale website and get yours now.
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