Polygon (MATIC) is up 16% this week as the FUD situation cools in the market surrounding the SEC lawsuit. On-chain data shows that MATIC is flashing multiple green signals, indicating an imminent price recovery. Can the bulls regain the $1 mark?
On June 21, Team Polygon a statement AI based user guide powered by ChatGPT. artificial intelligence trainerscopilotNew and existing users are able to efficiently navigate the Polygon ecosystem and the wider Web 3 world.
with ribbed network growth In an uptrend, how can ChatGPT movement affect MATIC price in the coming weeks?
Polygon Network’s growth is in an uptrend
Despite the recent 35% price correction that sent MATIC price to the bottom of 2023, Polygon has continued to gain new users. the Emotion The graph below shows that Polygon has maintained healthy network growth since the massive crash on June 5th.
On June 4, Polygon registered 81,741 new wallet addresses. While the price fell below $0.60 for the first time in 10 months, the network’s daily growth remained consistently above $60,000.
Network Growth evaluates the rate of new user acquisition by summarizing the daily number of wallet addresses generated. When it stays relatively high during a major price bounce, as we saw above, it indicates a strong net value.
It points out that beyond price speculation, core products and services built on Polygon’s network remain valuable to users.
And if the ChatGPT-powered “copilot” is widely accepted, Polygon can seamlessly onboard more users. The network’s rising value could soon fuel a continued recovery in MATIC’s price above $1.
Crypto whales buy Matic again
Moreover, the renewed confidence shown by MATIC whale investors is another indication of an imminent price recovery.
Emotion The chart below shows how whales holding 10 to 100 million MATIC coins have increased their holdings this week. Between June 15th and June 22nd, whales bought 52 million coins, worth approximately $36.4 million.
With such a large influx of funds in just one week. Not surprisingly, MATIC’s price jumped quickly by 16%.
In short, the growth in user acquisition and confidence demonstrated by the whales are critical drivers behind the continued recovery of MATIC prices.
Positive perception from both factors can inspire more participants to become optimistic and push MATIC toward $1.
MATIC PRICE FORECAST: $1 REFUND MISSION
The above factors indicate that the MATIC bulls are on a mission to recover the price to regain $1. However, MATIC will face significant resistance just above the $0.75 mark.
Here, a group of 8,250 investors in the region could sell about 630 million tokens once MATIC gets close to the average purchase price of $0.77. If MATIC can clear that resistance, it could rally towards $1.
However, the bears could take control again if MATIC price unexpectedly drops below $0.65. However, 6,260 investors who bought 81.84 million MATIC coins at a maximum price of $0.65 likely prevented the decline.
If this support level, MATIC could slide further towards $0.60.
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 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.