Amid recent legal disputes with the US Securities and Exchange Commission, Polygon has announced former legal director Marc Boiron as its new CEO. Data across the chain indicates that the Polygon community has reacted positively to the news. Will it be a major game changer for MATIC price in the coming weeks?
Friday 7th July Polygon (Matic) announce Former legal chief Marc Boiron as new CEO. Polygon (MATIC) price rose 3% over the weekend as markets reacted to the announcement.
Will Marc Boiron’s perceived legal expertise boost investor confidence and trigger a MATIC price reaction?
The appointment of Polygon’s new CEO appears to have been well received within the community. On-chain data compiled by Santiment reveals that Polygon posted a 120% uptick in social size Within 24 hours of the announcement.
As shown below, MATIC has registered a social size Score 90 on July 7th. After the news was announced, that number immediately rose to 199 on July 8.
social size Measures the level of media buzz surrounding a cryptocurrency project by tracking the total number of times it has been mentioned across relevant social media channels.
When it increases, it indicates that the project is attracting the attention of investors, which is usually bullish in relation to the price. As shown above, the last MATIC social size The sudden surge caused prices to rise by 3%.
This could be a game-changer for MATIC if investors become confident that hiring a new CEO with a legal background can turn around the ongoing regulatory squabbles.
Whale investors anticipate a potential game changer
Polygon Whales is already hiring a new CEO to be a game-changer for MATIC’s pricing. According to the chain’s data, a group of price-savvy whales started buying MATIC again as soon as the date was announced.
As seen below, whales purchased 10 million MATIC tokens within 48 hours of the appointment.
With current prices at $0.70, the new investment is worth nearly $7 million. In general, the accumulation of whales often sends bullish signals to strategic retail investors and other participants in the network.
But more importantly, historical trends show that the price of MATIC has often increased once this particular group of whales starts buying.
In short, the growing confidence among whale investors and the positive media buzz generated by Marc Boiron’s appointment are critical factors that could drive MATIC’s price higher.
MATIC Price Prediction: All Eyes at $0.80
With 87% of MATIC holders likely not wanting to sell at a loss, a surge in demand could drive up prices. IntoTheBlock’s IOMAP data reveals $0.75 as a significant resistance level is holding MATIC from reaching the elusive $0.80 target.
As shown below, about 8,000 investors bought MATIC at a minimum price of $0.75. If they decide to take some profits, MATIC may reverse below $0.70 again.
But, if the appointment of Polygon’s new CEO becomes a game-changer, the $0.75 resistance could develop into a larger accumulation area.
If that happens, MATIC could recover $0.80 for the first time since the SEC lawsuit in early June.
But by chance, the bears could negate the bullish MATIC price prediction if it drops below $0.65. However, 6,500 investors who bought 115 million MATIC coins at an average price of 0.65 could set up a buying wall.
Although unlikely, if that supports the wall buying caves in, MATIC could drop towards $0.60 again.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.