- MATIC fell from $0.88 to $0.85 following a $7.75 million sell-off.
- The ability to defend the $0.85 support might send the token toward $0.95.
- If buying pressure decreases, bears might pull MATIC down to $0.80.
The price of Polygon (MATIC) slid after the Polygon Foundation sent 9 million tokens worth $7.75 million to Binance on February 13. According to Spot On Chain, the recent transaction was only one of many that have taken place in the last five days.
In the post published on X, two wallets linked to the Foundation sent a total of 15.5 million to the exchange at an average price of $0.85, just before the latest one.
Wallet 0x57f (linked to #Polygon Foundation) deposited 9M $MATIC ($7.75M) to #Binance ~11hrs ago.Overall, there have been 2 wallets linked to the Polygon Foundation depositing 15.5M $MATIC to #Binance at ~$0.85 ($13.2M) in the past 5 days.$MATIC price slightly dipped after… pic.twitter.com/byEOI57ldA
— Spot On Chain (@spotonchain) February 14, 2024
Sending large volumes of tokens to exchanges suggests that a participant was selling. Therefore, MATIC, whose price had initially hit $0.88, dropped to $0.85.
The post MATIC Price Prediction as Polygon Offloads 9 Million Tokens appeared first on Coin Edition.