Home Altcoins Polygon’s MATIC Tanks to Over 2-Year Lows as Fear Grips the Crypto Market

Polygon’s MATIC Tanks to Over 2-Year Lows as Fear Grips the Crypto Market

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  • Polygon’s MATIC has experienced a sharp decline over the past 24 hours.
  • The correction comes as several overarching concerns have led to a broad crypto market rout.
  • The recent market happenings raise questions about MATIC’s next move.

After a parabolic run in Q1 2024, MATIC, the native token of the Polygon PoS chain, has been locked in a months-long decline, punctuated by a consolidation in Q2 and a relief rally in July 2024. Over the weekend, this decline appears to have gone into overdrive in a panic-led crypto market crash that has wiped out 12 figures in value.

Polygon’s MATIC Taps Multi-Year Lows

MATIC, the native token of the Polygon PoS chain, is in a free fall. At one point in the past 24 hours, the asset traded as low as $0.3342 before paring some losses to trade around the $0.36 price point at the time of writing, levels the asset’s price has not seen since June 2022. 

The steep MATIC price correction comes amid panic that has seen the crypto market erase nearly $300 billion in value over the past 24 hours, with the total market cap dropping from over $2.25 trillion to around $1.96 trillion, per CoinGecko data at the time of writing.

Investors have become increasingly risk off amid several overarching concerns. 

For one, the Bank of Japan has turned hawkish, raising interest rates for the first time in 17 years to stem a yen depreciation against the dollar. At the same time, investors have become increasingly concerned about a recession in the U.S. as a lower-than-anticipated jobs report for July 2024 has left many contending that the Federal Reserve has waited too long to cut rates. Further compounding concerns, American aerospace and defense firm Lockheed Martin’s rising share price continues to stoke war fears amid increasing tension in the Middle East.

Recent market happenings raise questions about MATIC’s next move amid an already tough year.

Where Does Polygon’s MATIC Go From Here?

Judging by historical price action, the last time Polygon’s MATIC traded in this range, it entered an over six-month-long uptrend that saw it surge over 230% to highs above the $1 price point. With the several overarching fundamental factors, however, it is important to not rely only on historical price action.

MATIC/USDT weekly candle chart.MATIC/USDT weekly candle chart.
MATIC/USDT weekly candle chart. Source: TradingView

One key factor MATIC holders might want to watch is how the Fed responds to recession fears amid unconfirmed rumors of an emergency meeting on Monday, August 5.

On the Flipside 

  • Polygon MATIC’s trajectory was already worrying before recent macroeconomics concerns.
  • MATIC is not the only major crypto asset that has experienced a major price decline in the past 24 hours. At the time of writing, BNB, SOL, and XRP were all down about 15%.

Why This Matters

Polygon’s MATIC has struggled to show strength over the past year, leaving the majority of holders in the red while other assets have posted triple-digit percentage gains. The recent macroeconomic outlook is likely to deepen these losses further.

Read this for more on Polygon (MATIC):
Polygon (MATIC) Gets MoveVM Boost in Goal to Bridge All of Web3 to Ethereum

See how Morgan Stanley may be set to give Bitcoin a significant boost:
Morgan Stanley Commits to Bitcoin: ETF Inflows to Soar?



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