Polygon Unlocks $263 Million In MATIC
Journalist
Posted:
- $273 million worth of MATICs have been put into circulation.
- The price of MATIC has increased by almost 2%.
Polygon [MATIC] Recently, the unlocking process reached a significant milestone. This could be a sign of a new price trend.
Polygon releases latest unlock
Etherscan data shows that over 273,000,000 MATIC tokens have been transferred to the foundation from Polygon’s vesting contracts.
At the time of writing, the value of the transferred MATIC was approximately $263 million.
This recent transfer has a notable feature: it represents the last token unlocked, meaning MATIC is now in full circulation.
Polygon Volume Drops
Polygon’s circulating supply was 9.6 billion at the time of writing, according to CoinMarketCap, and its maximum and total supply was 10 billion. Trading volume fell by more than 17%.
Santiment’s volume trend analysis showed that volume increased to nearly $760 million on February 21st. However, at the time of writing, the volume had fallen to around $669 million.
Source: Santiment
It was obvious that the market had not reacted immediately to the MATIC activation. This implies that the token was not yet fully circulated at the time this analysis was conducted.
MATC begins recovery
AskFX analyzed Polygon’s chart for the daily time frame and found that the newly released token had entered a bearish market.
The price of MATIC fell from $1 to $0.9 by the end of trading on February 21st.
The token has slightly improved at the time of writing. It is currently trading up almost 2% at around $0.96.
Trading view
Before the price drop on February 21st, MATIC’s Relative Strength Index was oversold. The subsequent price drop sent the RSI down to 60.
At the time of publication, the RSI was back above 60. MATIC therefore continued to show strength and an uptrend despite the price drop.
Is your portfolio green? Profit calculator MATIC
AskFX also examined the Polygon Open Interest on Coinglass and found that it had reached its highest volume.
The data showed a significant inflow of around $402 million. This was the largest influx in several months. However, at the time of writing, the amount had fallen slightly to around $333 million.
