Polygon (formerly known as MATIC, now as POL) has had a significant price drop over the last few months. The asset was among the top-ranked crypto projects by market cap but has since fallen to the 40th rank.
POL (formerly MATIC) is down by 2.9% in the daily charts, 13.8% in the weekly charts, 28.9% in the 14-day charts, and nearly 8% over the previous month.
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Why Is The Asset Slumping?
While Polygon follows the general market downtrend, other factors have also affected its price.
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Polygon’s migration from MATIC to POL has presented significant headwinds. User activity has tanked, and large wallets have begun offloading their holdings. The drop in activity, coupled with the bearish market sentiment, has gravely affected the asset’s worth.
Polygon Predicted To Hit $0.94
According to prominent crypto analyst Ali Martinez, POL (formerly MATIC) is forming a descending triangle pattern. The analyst has asked investors to watch the $0.34 support level. If this support level holds, the asset could rebound to $0.94. Hitting $0.94 from current levels would translate to a rally of over 150%.
Despite the bullish take, Ali Martinez has warned if the $0.34 support level does not hold, POL (formerly MATIC) could slide to $0.19. Dipping to $0.19 from current price levels would translate to a fall of about 48.6%.
CoinCodex researchers predict Polygon to trade at around $0.40 for the next two weeks before dipping back to $0.39.
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Changelly is more optimistic about Polygon, predicting it to hit a maximum price of $0.4751 in September. Reaching $0.4751 from current levels will entail a rally of about 28.41%.
