With the market suffering its third consecutive day of losses, MATIC is poised to hit its local low of $1.21. In fact, at the time of writing, it was only 11.4% away from the above level.
At 15.48% lower than yesterday’s highs, MATIC was one of the market’s biggest losers at the time of writing. It wasn’t the only alt-tanking on the charts, though.
Polygon is not the only one
Not only individual coins suffer, but also the entire market. Especially given the position of the Fear and Greed Index.
In the direction of extreme fear, all the euphoria of the past two weeks has been completely wiped out. in fact, the indicator could hit its annual low of 10 soon enough if the market sees no advantage.
Crypto Fear and Greed index | Source: Alternative
This necessity is the only optimism that keeps investors from selling and exiting the market, especially when it comes to MATIC. A new sale is possible because this has already happened twice in the last 45 days. When the January 13 crash started, 249 million MATIC worth $339 million was sold to exchanges in a week.
The second time this happened was on Feb. 6 after MATIC was up 11%, a day before the 16% rally. Within 48 hours, investors sold 318.6 million MATIC worth $434M.
Although approximately 100 million MATIC has been repurchased since then, investors are currently refraining from selling despite price drops. However, it is impossible to say for sure whether investors would still hold HODL if MATIC fell further.
Balance of Polygon Exchanges | Source: Santiment – AMBCrypto
A game of patience
In just 20 days, the number of investors in losses has doubled from 30% to nearly 60%. Ergo, it wouldn’t be surprising if MATIC holders quickly lose their temper.
Social sentiments across all channels are somehow refraining from leaning towards the bears – a good sign. For example, according to Santiment, investors are currently much more positive than in more than four months. This week also marked the first sign of investor excitement since general sentiment was negative until February 17.
Polygon investor sentiment | Source: Santiment – AMBCrypto
Polygon’s development performance may have a lot to do with this positive sentiment, especially as it is one of the largest DeFi and NFT hubs with nearly $4 billion in TVL.
This post Do MATIC investors care enough to survive in a bleeding market?
was published first on https://ambcrypto.com/do-matic-investors-care-enough-to-hold-out-in-a-bleeding-market/
