Polygon (MATIC) price is going through hard times, the altcoin is stuck in consolidation and does not show strong movements in either direction. However, given that MATIC is currently one of the worst-performing assets, investors may increase buying pressure to lock in profits.
Polygon is in the accumulation phase
According to the analytical platform Santiment, over the past three days, the supply of MATIC on exchanges has decreased by 20 million tokens. In the past, such events have been followed by short-term price spikes. In addition, If history repeats itself, the altcoin may exit the consolidation phase.
In addition, less than 34% of the coin’s entire exchange offering is now in profit. This means that the altcoin has significant room for growth.
MATIC price forecast: A Return to $0.80 is coming?
The MATIC price has been consolidating between $0.74 and $0.64 for several weeks in a row. Since mid-April, the token has repeatedly tried to break through the upper border, which acts as resistance. Currently, the price of the token is $0.73 at the time of writing. However, If the next attempt is successful, a consolidation above $0.81 will begin a recovery rally.
If the breakthrough fails, Polygon will continue to trade in the designated range. A loss of $0.64 support could send the altcoin towards $0.60 and below, rendering bullish forecasts invalid.
Polygon Gaming Scales New Peaks
The Polygon (MATIC) gaming landscape has ascended to new pinnacles, leading to a substantial resurgence in interest for both its network and its native cryptocurrency.
Polygon (MATIC) has also witnessed significant expansions within its ecosystem, which could be the catalyst it needs to achieve considerably more substantial gains in 2024. Notably, Leon Stern, the project’s Marketing Chief, recently shared a Dune Analytics chart showcasing how the gaming ecosystem has achieved unprecedented heights, precisely the impetus the Polygon crypto requires to experience a significant upswing.
Furthermore, gaming on Polygon protocols is fueled by MOOAR through a recent cooperative effort, and the subsequent challenge of GameOn 2.0 has gone live on top of Forge. Moreover, these elements position the Polygon price at a distinctive level, granting it substantial potential for an upward surge. As can be gleaned from the Polygon price forecast, it has the capacity to reach a maximum value of $1.06 by the year’s end, solidifying its position as a worthwhile cryptocurrency to acquire.
