Polygon’s cryptocurrency, MATIC, has completed its token distribution phase, potentially heralding a period of growth for the digital asset. As the market anticipates a bullish season, this conclusion of distribution is poised to possibly catalyze a substantial rally for the token.
Completion of MATIC Token Release
The Polygon Foundation Contract has finalized the release of 273 million MATIC tokens, representing a pivotal moment for the currency amidst market inflation concerns. This completion is expected to unlock tremendous prospects for the Polygon ecosystem and its participants.
Etherscan’s recent data confirms the distribution of the final batch of MATIC tokens, with the circulating supply now totaling 9.28 billion. This solidifies Polygon’s standing among the top cryptocurrencies by market capitalization.
Technical Analysis and Price Projections
Despite MATIC’s price holding steady above the weekly support of $0.942, there are technical signals that suggest a potential climb. Price patterns such as lower highs and swing lows indicate a possible bottom formation and a period of consolidation, offering a prelude to an anticipated price surge.
If MATIC maintains its stance above the critical support level, a significant rally could be in store, potentially increasing the price by 30% to $1.22. Conversely, a dip below support may trigger a 15% drop to $0.782, with a worst-case scenario bringing the price down to $0.691.
Following the final token distribution, Polygon’s MATIC is entering an intriguing phase with the potential for notable price movements. Investors are advised to monitor the altcoin’s performance closely, especially now that the inflationary pressure associated with the distribution has been lifted.