Journalist
Posted:
- 273 million MATIC have been put into circulation.
- MATIC’s price has recovered by almost 2%.
Polygon [MATIC] has recently reached a major milestone with its unlocking process, and this could mark the beginning of a new phase in its price development.
Polygon sees the final unlock
from Etherscan Data showed that more than 273 million MATIC tokens were transferred from the Polygon acquisition contract to the Foundation.
The value of the transferred MATIC was approximately $263 million at the time of writing.
A notable aspect of this recent transfer is that it marks the final unlock of the token, indicating that MATIC has now entered full circulation.
The polygon volume decreases
According to CoinMarketCapPolygon’s circulating supply at the time of writing was 9.6 billion, while the total and maximum supply was 10 billion. Trading volume had decreased by more than 17%.
Santiment’s volume trend analysis also showed that volume increased to nearly $760 million as of February 21. However, at the time of writing this article, volume had dropped to approximately $669 million.
Source: Santiment
This suggested that there had been no immediate market reaction to the latest MATIC unlock. It also implied that the token had not yet entered full circulation at the time of this analysis.
MATC starts with recovery
AMBCrypto’s look at Polygon’s daily timeframe chart showed the newly unlocked token entering a market in decline.
At the close of trading on February 21, MATIC experienced a decline of almost 7%, dropping its price from $1 to around $0.9.
However, at the time of writing, the token had seen a slight recovery, with a gain of almost 2% and a price of around $0.96.
Source: trading view
Before the drop on February 21, MATIC’s Relative Strength Index (RSI) was oversold. However, the subsequent price drop brought the RSI to 60.
At the time of writing, the RSI had risen above 60 again. Thus, despite the significant price drop, MATIC remained in a bull trend and continued to show strength in that direction.
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Furthermore, AMBCrypto’s research into the Polygon Open Interest on Mint glass revealed a strong increase in cash inflows, which reached one of the highest volumes.
The data showed inflows of about $402 million, the most substantial inflows in months. However, as of this writing, it has fallen slightly to around $333 million.