Bearish Pressure on Polygon (MATIC) Price as Investors Lose Confidence

The price of Polygon (MATIC) is under bearish pressure, signaling a loss of confidence among investors. Whale investors have recently sold around 28 million MATIC tokens, equivalent to over $14 million in value. Despite trading at $0.55, MATIC is managing to stay above the critical support level of $0.53.

Polygon (MATIC) price trajectory indicates a bearish trend as the altcoin struggles to retain investor support. The increasing number of realized losses and whales selling off their holdings contribute to a growing sense of pessimism surrounding MATIC.

Polygon Investors’ Confidence Erodes

As the MATIC price heads lower, it fosters a more bearish atmosphere for investors. This downtrend is evident from the rise in realized losses, implying a considerable number of investors are divesting their assets at a loss.

The prevailing sentiment in the market seems to be inclined towards selling, with many investors choosing to liquidate their holdings in response to the current market situation.

This selling behavior is reflected in the movement of whale investors’ MATIC holdings. Over the past four days, whales have offloaded about 28 million MATIC tokens, valued at more than $14 million, onto exchanges.

Entities holding between 1 million and 10 million MATIC have been reducing their token holdings, diminishing their balance from 944 million to 891 million at present.

The actions of these whales are significant, given their ability to influence asset prices. Continued selling by whales could lead to additional declines in the MATIC price, compounding the losses faced by MATIC holders.

Considering the prevailing conditions and the mounting bearish sentiment, it is probable that MATIC will breach the support level once again.