Ali Martinez, a crypto analyst and content manager, made a post on Twitter, arguing that Polygon (MATIC) is sitting on stable support.
Altcoin Analyst Ali Martinez Evaluates Polygon (MATIC) Price
According to Ali Martinez, more than 28,500 addresses have purchased approximately 4.10 billion MATICs between $0.99 and $1.08. The analyst thinks that MATIC price is right above an important support zone because of this data.
However, according to Martinez, the large demand block may have the ability to absorb downside pressures, but Polygon must break the $1.15 to $1.31 supply wall to enter a new uptrend. Martinez said that 45,300 addresses from this region hold approximately 1.5 billion MATIC.
On-chain data shows that #Polygon sits on top of stable support. Over 28,500 addresses bought ~4.10 billion #MATIC between $0.99 and $1.08.
Still, Polygon needs to overcome the $1.15 to $1.31 supply wall to enter a new uptrend. Here, 45,300 addresses hold ~1,50 billion #MATIC. pic.twitter.com/fOsFX52lCE
— Ali (@ali_charts) March 30, 2023
At the time of this writing, the MATIC altcoin price is trading at $1.10. The coin has lost approximately 2.65% in the last 24 hours.
Martinez also noted in a previous post that the divergence between Polygon's network growth and price is on the rise. Martinez noted that while the MATIC price rose between January 21 and February 19, the number of new addresses joining the network tended to decline. This downward trend resulted in a 40% drop in price.
However, according to Martinez, the opposite scenario has been working since March 10. Polygon's price is consolidating in a tight range while network growth is on the rise, which the analyst argues could signal a bullish divergence.
*Not investment advice.
