- Both FTX and the Polygon team distributed MATIC, as the token fell to $0.73.
- If MATIC fails to rebound to $0.75, the price may drop below $0.70.
- Should demand appear when MATIC becomes overbought, the price may reverse upwards.
Despite hitting close to $1 in mid-November, the price of Polygon (MATIC) has decreased to $0.73. This value represents an 8.25% decrease in the last seven days, according to CoinMarketCap data.
The decline in MATIC’s price mirrors the trend observed in other altcoins. Furthermore, there are factors suggesting the possibility of further declines. Smart money on-chain tracker Lookonchain highlighted some of these in a post on X (formerly Twitter).
A Combination of Large Sell Orders
According to Lookonchain, defunct exchange FTX transferred 8 million MATIC tokens, valued at $5.95 million, to Coinbase (NASDAQ:COIN) and OKX in the early hours of November 28.
In the past 8 hours, #FTX transferred 8M $MATIC($5.95M) and 1,592 $ETH($3.22M) to #Coinbase and #OKX.https://t.co/1qZ967Agee pic.twitter.com/Ce6nMUGlVD— Lookonchain (@lookonchain) November 28, 2023
Typically, transactions like this create price volatility while suggesting a potential …
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