Polygon distributed 217 million MATIC to 70 different wallets; MATIC price experienced a reaction decline of nearly 5 percent.
The crypto market continues to rise amid bullish expectations. In particular, BTC recovered quickly after dropping below $35,000 and reached $37,000. The rise of BTC also intensified the upward movement of altcoins. While AVAX exceeded $ 20, SOL broke the curtain to $ 60.
These days, when crypto currencies are on the rise, there has been an interesting development on the Polygon (MATIC) side. Polygon distributed $200 million in MATIC as part of Polygon Ecosystem Growth. These MATICs distributed to 70 wallets were carried out with the aim of encouraging project growth. A reaction decline was seen in the MATIC price.
Can Polygon (MATIC) recover?
According to a report by Todayq News, the Polygon team sent 217 million MATIC to 70 wallets to promote ecosystem development. The average value of these MATICs is around 200 million dollars.
According to data, $75 million worth of MATIC entered central exchanges through 32 different wallets. This distribution strategy aimed to support MATIC liquidity on exchanges. However, the MATICs put into circulation and the distribution brought about a price decrease.
The date of November 16, when the crypto market was moving in an upward direction, was marked by a decline in the MATIC price. The MATIC decline was attributed to the sensational distribution strategy. Although the depth of decline was close to 5 percent, there was no danger due to the positive market.
Moreover, since MATIC was at $ 0.79 last week, this decrease was not noticeable. Because MATIC fell from its daily peak of $0.9443 to $0.9130. MATIC, which still maintains its upward trend, has managed to attract attention with its potential ecosystem development. The popular cryptocurrency, which has overcome the short-term selling pressure, is taking strong steps towards becoming 1 dollar again.
For MATIC, $0.8862, $0.8617 and $0.8421 support points can be followed. In a possible decline scenario, these support points will come to the fore. On the other hand, MATIC could push the $0.95 resistance with a potential rise. A break of this resistance point could push the MATIC price to $1.
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