Polygon (MATIC) is currently showing mixed signals, with conflicting on-chain metrics portraying differing sentiments within the market. On one hand, there has been an increase in whale activity, suggesting optimism as they potentially “buy the dip” and accumulate more MATIC. However, daily active addresses have been consistently declining, indicating reduced market interest.
Despite this mixed sentiment, the supply of MATIC on exchanges has stabilized, suggesting a potential consolidation phase and the easing of selling pressure. This could lay the groundwork for future price movements.
Looking at the In/Out of the Money Around Price (IOMAP) analysis, significant resistance levels are observed for MATIC, particularly around $0.99 and between $0.80 and $0.88. Overcoming these levels could lead to further price appreciation, while a bearish trend might see MATIC retreat to lower support levels, potentially around $0.68.
Ultimately, the future price direction of MATIC will depend on market sentiment and the ability to overcome resistance levels. If bullish sentiment prevails, MATIC could potentially reach $1.30, a level not seen since April 2022.