The MATIC price plummeted by 10% during the market downturn, with over 10,900 addresses buying 600 million MATIC tokens at this price

The value of MATIC, the native token of the Polygon network, has fallen significantly. As the entire cryptocurrency market continues to struggle with negative sentiment, it has fallen more than 10% over the past week and 8% in less than 24 hours. Fortunately, the latest on-chain analysis reveals important levels that investors should be concerned about following the latest drop in the MATIC price.

At the same time, the AI sector tokens have seen a general rise, and mainstream AI coins RNDR, AGIX, FET, and WLD have begun to rise. #山寨季开始#

According to a recent article published on X by cryptocurrency expert Ali Martinez, the price of MATIC has established key support around the current price point. The assessment is based on on-chain data from analytics firms that tracks the average acquisition price of any given wallet address.

The graph is a chart highlighted by Martinez that shows the distribution of the Polygon token supply across different price ranges. The size of the dots in the chart represents the number of tokens purchased in the corresponding price range. Most notably, more than 10,900 wallet addresses purchased up to 608 million MATIC in the $1.02 and $1.05 regions. According to the crypto analyst, this massive buying activity supports the establishment of key support around this price area.

While the large size of the dots reflects the strength of that particular level, sustained bearish pressure could cause the price of MATIC to break out and break below this support level. In this case, investors could see the cryptocurrency drop to around $0.91.

This makes the $0.89 and $0.92 price ranges another level to watch as it represents the next significant support area, where 35,680 wallet addresses have purchased nearly 400 million Polygon tokens.

The current price of MATIC is $1.04, down 8% in the last 24 hours. The price drop came after the altcoin hit a multi-month high of $1.28 on Thursday, March 14.

According to the data, the price of Polygon coin has plummeted by 9.7% in the last 7 days. More broadly, though, cryptocurrencies have been quite positive over the past month. With a market cap of over $9.7 billion, the MATIC token is the 18th largest cryptocurrency in the industry.

(Source: Opeyemi Sule)