Can Polygon (MATIC) Price Benefit From Optimism of Investors?

Polygon (MATIC) price is in the same dark groove as most other altcoins on the market and is still feeling the effects of the recent drawdown.

MATIC’s best chance of recovery will come not from the market in the first place, but from investors.

Polygon investors remain optimistic

MATIC’s price will be heavily influenced by investors who remain optimistic despite bearish signs. Despite the recent price drop, MATIC’s adoption rate remains stable at 34%, indicating that Polygon’s native token continues to attract interest from potential investors.

The steady adoption rate demonstrates that MATIC’s fundamental value proposition and usefulness is recognized despite market fluctuations. This consistent interest is a positive sign for the token’s long-term prospects as it continues to gain traction in the market.

Read more: How to buy Polygon (MATIC) and everything you need to know

MATIC Adoption Rate. Source: Inblock

Interestingly, MATIC’s investor weighted sentiment is also broadly positive. This optimistic outlook is noteworthy given that many investors have experienced losses recently.

Despite the financial setbacks, the positive sentiment among investors suggests strong belief in MATIC’s future potential. This confidence could be a key factor in driving future adoption and investment.

MATIC Weighted Emotions.
MATIC weighted sentiment. Source: Santiment

MATIC Price Prediction: Breaking the Barriers

It is unfortunate to see the price of MATIC below $0.50 as this is a key psychological support level, a breakout of which could see it rise to the altcoin’s next major resistance level at $0.60.

However, given that the barrier remained unbroken throughout the second half of June, the chances of a successful breach are slightly lower.

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

MATIC Price Analysis.
MATIC price analysis. Source: Trading View

However, if $0.50 fails to turn into support, the altcoin may fall further, which would invalidate the bullish thesis and potentially send MATIC to $0.45.

Disclaimer

In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. While BeInCrypto strives to produce accurate and unbiased reports, market conditions are subject to change without notice. Always conduct your own research and consult with an expert before making any financial decisions. Please note that our Terms of Use, Privacy Policy and Disclaimer have been updated.

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