Polygon releases $263 million worth of MATIC into the market


There are now 273 million MATIC in circulation. There was an almost 2% recovery in MATIC’s pricing.

There may be a new phase in the price trend for Polygon [MATIC] now that it has reached a major milestone in its unlocking process.

The Foundation received around 273 million MATIC tokens, according to Etherscan’s statistics, which originated from the Polygon vesting contract.

As of this writing, the transferred MATIC was worth around $263 million. This last transfer is significant since it marks the last token unlock, meaning that MATIC is now in full circulation.

As of this writing, there were 9.6 billion polygons in circulation, with a total and maximum supply of 10 billion, according to CoinMarketCap. More than 17 percent fewer trades were taking place.

Santiment’s research on volume trends also showed that by February 21st, the volume had increased to around $760 million. But the volume has dropped to around $669 million as of this writing.

It seems like the market didn’t respond right away to the new MATIC unlock. The fact that it was still early in the token’s circulation at the time of examination further supports this suspicion.

Looking at Polygon’s daily period chart, AMBCrypto saw that the freshly unlocked coin joined a market that was down.

The price of MATIC fell from the $1 level to about $0.9 as of the 21st of February, a decline of over 7%. But the token has made a little comeback as of this writing, trading at around $0.96 with a gain of over 2%.

The Relative Strength Index (RSI) for MATIC was out of the green before the February 21st drop. But its RSI hit 60 when the price fell.

The RSI had once again surpassed 60 as of the time of publication. Therefore, MATIC maintained its bull trend and showed strength in that direction despite the steep price drop.

In addition, AMBCrypto found a record-high level of funding inflow when it examined the Polygon Open Interest on Coinglass.

The largest significant inflow in months, according to the numbers, was over $402 million. Having said that, it has dropped to around $333 million as of this writing.

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