Polygon Flashes Optimism, Gears to Smash $1.5 Resistance

1. MATIC is ready to exit the bearishness that prevailed in April’s final two weeks.
2. The token records improved bullish prospects as it approaches near-term support.
3. Investors remain bold as they await what the market could bring in the coming sessions.

Polygon (MATIC) bulls have battled to dominate since mid-Feb. Though the alternative coin has lost a notable chunk from the gains attained since 2023 started, bulls may have the opportunity to redeem MATIC.

MATIC struggled to rise during April’s second half as bears grappled the entire crypto world. Nonetheless, a notable thing showed bulls might be ready for another attempt to rescue Polygon investors. Recent price actions have the alt consolidating around the price mark of $0.95. 

Source – Santiment

Remember, MATIC retested this support during April’s final week. The retest triggered a somewhat feeble bullish jump, and the alt headed to retest another support. Meantime, the asset’s money flow shows slowed outflows and a potential pivot – optimistic bias.

Are Bullish Waves Imminent?

MATIC should sum up adequate inflows for the bulls to claim sturdy momentum. The asset’s on-chain metrics showed slight improvements over the past few days. However, it was yet to confirm robust investor confidence, reflecting uncertainty in the broad market.

Moreover, Polygon’s volume showed some stimulation following slowdowns that surfaced over the past few days. Nonetheless, trading volumes have to improve to support MATIC’s upside intents. The best thing is the asset recorded upsides in mean coin age within the previous week, indicating slowed sell momentum (during that timeframe).

Source – Santiment

Also, the transaction count dipped over the past day, suggesting slowed sell pressure as the token neared a short-term barrier. Indeed, on-chain stats shows MATIC’s current support will hold. Further, MasterCard recently revealed a collaboration with different blockchain platforms, Polygon being among the networks. That translates to an increased real-world utility for MATIC – a recipe for price growth.

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Tags: Crypto marketcryptocurrencyMATIC