Polygon (MATIC): Is 71% Surge Enough to Retain Long-Term, Mid-Term HODLer Interest?
Polygon (MATIC) has seen quite a ride this week. The platform and its coin saw impressive growth during the timeframe. Interestingly, the alternative token still maintains upside, following support from the latest development and broad market sentiments.
The leading cryptocurrency exchange, Coinbase, finally listed Solana and Polygon, allowing investors and traders to receive and send crypto on several platforms. That will substantially reduce user losses as Solana and Polygon’s gas fees are much lower than Ethereum, the only available option.
These recent developments emerged days after Polygon attained carbon neutrality, making it one of the few environmentally friendly chains. Meanwhile, the news saw MATIC prices rallying. The native token gained 71.39%, climbing from the $0.326 low to $0.593. Besides the price actions, improved sentiments positively affected investors.
MATIC Price Surge
First and foremost, the price surge attracted people to purchase MATIC tokens the sold amidst the downturn. The buyback saw investors purchasing MATIC tokens worth around $183 million. Some considered this an opportunity to boot profits when prices surge, while others took the chance to reclaim coins they sold to avoid massive losses.
However, not everything is well with Polygon, with older investors moving their holdings once the price began hiking. On June 12, supply distribution among long-term, mid-term and near-term holders was 34%, 59%, and 5.8%, respectively.
Since then, most mid-term investors have either liquidated or moved their holdings around. Meanwhile, the supply in these categories is 35%, 55%, and 8.6%, respectively, at this publication. Nevertheless, Polygon exhibits an impressive signal as higher activities sustain longer rallies. That might help retain MATIC’s investors.
Meanwhile, bears remain persistent in the crypto world, annulling all upside attempts. The marketplace stayed somewhat calm over the previous 24 hours. While writing this content, the overall cryptocurrency market capitalization hovered at $961.38 billion, losing 0.43% within the past day.
Furthermore, the leading crypto, Bitcoin, steadied above the crucial $21K mark. BTC trades at $21,472 during this publication, gaining 0.14% over the past day. Bulls should trigger immense volumes to support stable upsides.
Stay around for the latest developments in the crypto market.
Editorial credit: Dennis Diatel – shutterstock.com
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