Whales Fail to Pull Polygon (MATIC) Price Back From Seven-Month Low

Polygon ( MATIC ) price is facing the same outcome as most other assets following a bearish June.

The altcoin now sits at a spot where either consolidation or recovery is next.

Polygon Investors Try Their Best

MATIC price could recover given that one of the most important cohorts of investors—whales—is accumulating. Given that whale addresses significantly influence price action, it is not surprising to see their accumulation bring about recovery and selling, resulting in a decline.

The addresses holding between 1 million and 10 million MATIC recently added to their holdings. In the last ten days, whales purchased about 33 million MATIC worth more than $18.6 million. This is a positive sign for the Polygon native token .

Read More: How To Buy Polygon (MATIC) and Everything You Need To Know

However, at the same time, participation is suffering considerably. Existing investors are skeptical, and even potential investors are stepping back. This is evident in the network growth rate, which is currently declining.

Network growth refers to the rate at which new addresses are forming on the network. This shows whether a project is gaining or losing traction in the market.

The reception seems bearish since MATIC’s network growth is at its lowest in over a year.

MATIC Price Prediction: The Best of the Two

MATIC price facing mixed signals could end up noting a consolidation if a recovery does not arrive soon. Changing hands under the $0.60 mark, the Polygon native token may remain above $0.53 but struggle to breach the resistance at $0.60 and $0.64.

The sideways movement could enable the altcoin to build enough momentum to break out eventually.

Read More: Polygon (MATIC) Price Prediction 2024/2025/2030

This is possible, provided MATIC holders lean towards not selling their holdings to offset losses. The same could result in a drop below $0.53, invalidating the bullish-neutral thesis and extending losses below $0.50.