Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

Polygon (MATIC) has broken below the crucial support level at $0.5 and is at risk of further price declines due to significant selling pressure. Over 90 million tokens were sold after reaching this support level amid the downtrend in the broader crypto market. The Exchange-Onchain Market Depth indicator shows that sell orders continue to outweigh buy orders, with only 55 million tokens bought at an average bid price of $0.49. Despite the sell-offs, Polygon whales have maintained their confidence in the token and have taken advantage of the price dip to accumulate more tokens, with large holders' net flows increasing by over 1,700% in the last seven days. However, only 3% of Polygon holders are currently in the money, which could lead to further price drops if the token doesn't rebound soon. If the 96% of investors currently at a loss cut their losses, it could trigger another wave of sell-offs for MATIC. Polygon has dropped out of the top 20 crypto rankings by market cap, currently ranking twenty-first behind Litecoin. The current conditions in the broader crypto market, including Bitcoin's recent drop to $63,500, have contributed to Polygon's decline. The market is expected to pick up again soon, which could lead to a massive rebound for tokens like MATIC. The first goal for Polygon will be to reclaim the crucial support level at $0.5, with the token currently trading at around $0.48, down almost 2% in the last 24 hours.