Polygon (MATIC) price is stuck in the consolidation phase... before the rally begins soon

Polygon (MATIC) price is awaiting strong bullish signals that could push the altcoin out of the consolidation it is currently stuck in.

Since altcoins are among the least profitable assets, investors will likely push for higher prices to make profits.

Matic whales hint at buildup

Can testify MATIC PRICE A breakout above the $0.74 barrier if investors act accordingly. As long as MATIC holders refrain from selling, the merger can proceed and it can Accumulation triggers recovery.

This is the likely outcome for MATIC price, which notices an increase in buying pressure. The supply held on exchanges has decreased by 20 million MATIC over the last three days. Although compared to other stocks and the market cap of altcoins, this offering is not much, but rather a testament to investor sentiment.

In the past, such buying instances were followed by short-term price surges. If MATIC price achieves the same result this time, the consolidation may be invalidated.

Less than 34% of MATIC's total circulating supply is dividends, which is relatively rare. Despite recent corrections, at least 50% of cryptocurrency supply is profitable.

This suggests that Polygon investors are likely desperate for profits, which could prevent them from selling their holdings. Since MATIC has plenty of room to grow, it could also see extended upside potential.

Read more: Learn Japanese Candlesticks and Their Price Movement Signs

MATIC Coin Price Prediction: $0.80 Recovery

The price of MATIC is standardized Between $0.74 and $0.64. This range has not been broken on either side over the past three weeks. Since mid-April, the native token Polygon has repeatedly attempted to break above the upper limit, where it served as resistance.

Now, the altcoin is poised to do the same this time. A surge in accumulation from Polygon investors could help MATIC surpass $0.74, pushing it towards $0.80. The successful reversal of the resistance at $0.81 will trigger the recovery rally.

Read more: Polygon (MATIC) Price Forecast 2024/2025/2030

On the other hand, if the breakout fails, MATIC price could remain range-bound and fall back to $0.64. Missing this support could send the altcoin to $0.60 or lower, invalidating the bullish outlook.