Polygon (MATIC) Price Stalls as Token Migration Nears - Are New Investors Hesitant?
BeInCrypto
18 Sep 2023 6:00 PM
Last week, Polygon (MATIC) price dropped to a 2023 bottom of $0.48. Although it has reclaimed $0.53, some critical red flags have emerged....
- The Polygon (MATIC) price has risen to $0.53 after the release of the POL token migration roadmap.
- Existing MATIC holders and spot market traders are confident, leading to a 10% price increase.
- However, Futures market traders and new market entrants are hesitant due to uncertainty surrounding the token migration.
- MATIC open interest has declined, indicating a reduction in investor participation and potential profit-taking.
- The number of new wallet addresses created on the Polygon network has significantly decreased since the migration roadmap announcement.
- If the decline in user acquisition and shrinking Futures markets continue, MATIC may struggle to sustain its current price uptrend.
The sentiment in the article is mixed. Existing MATIC holders and spot market traders are confident, but Futures market traders and new market entrants are hesitant due to uncertainty surrounding the token migration.
You May Ask
Will MATIC price find sufficient demand to sustain the ongoing price rally or reverse below $0.50?Why has MATIC open interest declined despite the price recovery?Why has the number of new wallet addresses created on the Polygon network decreased since the token migration roadmap announcement?What is the potential price consolidation range for MATIC and what factors contribute to this prediction?