MATIC Social Sentiment Slides To Negative Territory – What’s The Impact On Price?
August 29 2023 - 3:10AM
NEWSBTC
Polygon’s MATIC token experienced fleeting 24-hour gains that
offered a momentary glimmer of hope for its investors. However,
this uptick was juxtaposed against lingering weaknesses in the
bullish sentiment, prompting questions about the potential for
further downside. In the last five days, MATIC embarked on a
trajectory marked by a relatively narrow price range, predominantly
oscillating between $0.537 and $0.56. This phase of consolidation
led to a visible reduction in market volatility, consequentially
resulting in a discernible drop in the open interest metric
throughout the week. This deceleration in market activity not
only hinted at speculators’ ambivalence towards predicting the
token’s next trajectory but also suggested that traders might need
to exercise caution and patience as the market seeks clearer
signals. Related Reading: OnlyFans Parent Company Buys $20 Million
Worth of Ethereum – A Boost To ETH Price? Analyzing MATIC’s Current
Climate Beneath the surface of these price fluctuations and
speculative hesitations, a series of interesting developments
unfolded. The sentiment prevailing in social discussions around
MATIC’s price exhibited a noteworthy shift towards negativity.
Insights gleaned from Santiment data revealed a gradual decline in
MATIC’s Weighted Sentiment that commenced around August 25,
ultimately settling at a current value of -0.37 as of today.
Source: Santiment Additionally, subtle indicators hinted at
underlying accumulation dynamics taking shape. The average coin age
exhibited an upward trajectory, indicative of the gradual
accumulation of MATIC tokens across the network. Coinciding with
this trend, the volume of supply held on exchanges witnessed a
decline over the past week, once again underscoring the narrative
of token withdrawal and strategic accumulation. MATIC Current
Valuation And Outlook Despite the drop in the token’s social
sentiment rating, MATIC still registered a 1.5% surge over the past
24 hours, and trading at $0.559, according to crypto market tracker
CoinGecko. Over a broader time frame of seven days, the token’s
incremental gain stands at a modest 0.6%. Meanwhile, in a
timely and pivotal announcement, Polygon’s Co-Founder Sandeep
Nailwal unveiled insights into the forthcoming migration of MATIC
to a new POL Token. Of notable significance in this update was the
assurance extended to users – a seamless transition to POL was
promised without the risk of forfeiting rewards earned from ongoing
MATIC staking activities. Ideally, as a user you should get 1/2
click upgrade to staked POL from staked MATIC. I think once the
upgrade is approved by the governance, only then we all would have
more info about the mechanism. Some basic info regarding how the
mechanism would look like was shared in the… — Sandeep Nailwal |
sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023 This
announcement takes on added significance after months of
uncertainty that followed Polygon’s 2.0 tokenomics revelation in
July 2023. Nailwal’s transparent communication could potentially
inject a dose of confidence into the investor community and
stimulate heightened engagement within the network over the ensuing
days. MATIC market cap currently at $5.1 billion. Chart:
TradingView.com Related Reading: XRP Faces Big Challenge: Scaling
The $0.55 Wall – Possible? While MATIC showcased marginal gains
over a 24-hour period, an air of fragility hung over the bullish
narrative. The tight price range, waning social sentiment, and
intricate indicators called for a measured approach from traders.
Nevertheless, the impending shift to POL Token, as detailed by the
Polygon’s co-founder, could potentially emerge as a stabilizing
influence, rekindling investor trust and invigorating participation
within the network. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from G2 Learning Hub
Mina (COIN:MINAUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024