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<p>The price of Polygon’s MATIC token has fallen around 15% this week, making it one of the poorest performers among major altcoins. MATIC is currently trading around $0.8, down from highs above $1 in late December. This steep decline seems to be driven in part by whales moving significant funds to centralized exchanges.</p> 
<p><a href="https://x.com/spotonchain/status/1747797355838206439?s=20" target="_blank" rel="nofollow">According</a> to on-chain analytics provider Spot On Chain, Celsius Network recently deposited nearly 26 million MATIC tokens worth over $21 million to Binance and Crypto.com as the price dropped. </p> 
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<p>This movement of funds to exchanges is often viewed as a precursor to selling, as traders seek to liquidate holdings. When major holders sell large portions of their tokens, it can put significant downward pressure on the price.</p> 
<p>Technically, MATIC looks vulnerable to further declines in the short term. Key support sits around $0.72, which aligns with the 4.236 Fibonacci retracement level from the November lows to December highs. There is also technical support around the crucial 200-day moving average near $0.69. If these levels fail to hold, MATIC could easily test the psychological $0.50 level.</p> 
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<p>The relative strength index (RSI), a key momentum indicator, shows MATIC as significantly oversold across all timeframes. RSI levels are ranging between 30-40 on the daily, weekly, and monthly charts. While oversold conditions can persist in bearish markets, MATIC looks poised for at least a minor relief rally once selling pressure subsides.</p>  
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<p>So, the technical outlook and on-chain activity point to elevated risks for MATIC in the near term. Investors should keep a close eye on the $0.72 support zone and watch for signs of a trend reversal on the higher timeframes. If the whales stop depositing to exchanges, that could mark the end of the current capitulation.</p> 
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<p>The post <a href="https://captainaltcoin.com/polygon-price-under-pressure-as-matic-whales-move-funds-to-exchanges/">Polygon Price Under Pressure as $MATIC Whales Move Funds to Exchanges</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Polygon Price Under Pressure as $MATIC Whales Move Funds to Exchanges

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