On the one hand, while the price of the popular altcoin project Polygon (MATIC) is falling, on the other hand, according to the data of WhaleStats, one of the leading crypto statistics firms, there are data that can stop this trend.
Good and bad news for the popular altcoin
Polygon (MATIC) price is bearish like the rest of the market. According to data from crypto statistics firm WhaleStats, Polygon (MATIC) is one of the top 10 tokens purchased in the last 24 hours as the crypto market hits bottom. The market has been down slightly in the last 24 hours as investors assess the possibility of a rate hike in March after Wednesday’s FOMC minutes. Polygon (MATIC) price is experiencing a decline just like the rest of the market. In the last 48 hours Polygon (MATIC) has seen significant purchases from whales. The most recent was an Ethereum (ETH) whale, which ranked fourth among 1000 wallets tracked by WhaleStats and was valued at 750,000 MATIC tokens, or $1,342,500. As is known, whale activity is linked to a significant impact on cryptocurrency markets, including digital asset prices and market cap. When a large buy order is placed, the price of a particular cryptocurrency can skyrocket as it signals the market that the asset is in greater demand.
Polygon (MATIC) is swinging at $1.77, down 1.05% in the last 24 hours. IntoTheBlock analytical data shows that Polygon (MATIC) is above a significant support barrier. The region between $1.55 and $1.66 could serve as a foothold for further losses, as more than 46,000 addresses previously bought Polygon (MATIC) in this demand region. In recent developments, Polygon has recently deepened its integration with Filecoin. As part of the partnership, Filecoin and Polygon have started creating grants and hackathons to assist NFT projects and development teams using the Polygon blockchain to integrate with Filecoin and the Interplanetary File System (IPFS).