Significant investors selling off altcoins may indicate upcoming price fluctuations. Currently, Bitcoin is at risk of dropping below $60,000 again, while a popular altcoin is experiencing an outflow of whales. The risks and lack of interest in the medium-term have been previously discussed. However, the activities of these whales during the upward long-term trend raise questions.

Polygon (MATIC)

Amidst the decline in BTC, the price of MATIC Coin has fallen below $0.7 to $0.66. Despite a 3% loss for the day, the altcoin has not shown the expected performance during the recent market surge. Various factors like increased competition and the introduction of new altcoins have hindered the Polygon team's ability to maintain a strong position.

MATIC Coin is facing challenges due to delays in token transformation and the rise of alternatives in the layer2 sector. Additionally, MATIC Coin whales have been showing their lack of confidence in the future price with continuous net sales.

Addresses holding between 1 million and 10 million MATIC have sold 21 million units within a week, generating approximately $15 million. This indicates a possible weakening belief in further price increases at current levels.

The decline in trading volume emphasizes the waning interest of individual investors on the MATIC network. Today's volume dropped to $21 million from an average of $77 million.

MATIC Coin Predictions

The decrease in network activity could trigger a downtrend in prices. Whale sales, negative BTC sentiment, and intensified competition in the layer2 industry are all contributing factors. MATIC price fluctuations between $0.65 and $0.75 the previous month highlight the current struggle at $0.66. A break below this level could lead to further lows.

If investors can make $0.75 a support level again, reaching $0.8 and $1 is a possibility.

This article was originally published on COINTURK NEWS.