- Polygon’s vesting contract released 273 million MATIC tokens on Wednesday.
- The unlock marks the end of inflation for holders, opening up unlimited upside potential for MATIC price.
- The lackluster performance of MATIC price thus far is likely to end, kick-starting an uptrend for Polygon.
Polygon’s Foundation contract shelled out the last remaining 273 million MATIC tokens on Wednesday, marking the end of the vesting period. This development means that there are no more tokens to unlock i.,e all of the MATIC tokens ever minted are now in circulation.
Also read: Polygon unveils AggLayer: A solution to long-standing Ethereum Layer 2 challenges
MATIC Unlock Ends Inflation Forever
According to Etherscan, Polygon’s vesting contract ended roughly 15 hours ago as it spits out the last 273 million MATIC tokens worth $253 million at the time of writing.
Etherscan: Polygon Vesting Contract Transaction Hash
Based on Coingecko data, MATIC is the 15th largest cryptocurrency by market capitalization and has 9.28 billion in circulating supply. Polygon price currently trades around $0.947, just above the $0.942 weekly support level. A bounce off this barrier could see a massive upswing in the near future for MATIC.
Also read: MATIC price maintains positive outlook, Humanity Protocol launches on Polygon CDK
Polygon price eyes near-30% rally
Polygon price has set up two critical lower highs in the last 700 days, but the swing lows are stabilizing, indicating a potential bottom formation and squeezing. As MATIC bounced off the $0.782 weekly barrier, it produced a three-day and weekly close above the immediate resistance level at $0.942. This bullish development could extend into a full-blown rally for MATIC if the $0.942 level holds.
In such a case, Polygon price could see a near-30% rally that retests the declining trendline connecting the aforementioned lower highs and the horizontal daily resistance level at $1.22.
MATIC/USDT 3-day chart
On the other hand, a breakdown of $0.942 could send MATIC price crashing by 15% to $0.782. A decisive flip of this level will invalidate the bullish thesis and potentially trigger a 11% crash to sweep the January 22 swing low at $0.691.
Also read: Uniswap launches v2 on Arbitrum, Polygon, Optimism, Base, Binance Smart Chain and Avalanche
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP drops to $0.40 as Ripple and altcoins are hit by marketwide correction
Ripple piled losses alongside top altcoins and Bitcoin early on Friday. The German government’s Bitcoin transfers and Mt.Gox payback to creditors have created uncertainty among traders and increased the pressure on Bitcoin and altcoins like XRP.
Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday
Bitcoin dipped under $54,000 early on Friday as the crypto market suffered a steep correction. Ethereum lost key support at $3,000, erasing gains ahead of the anticipated approval of the Spot Ether ETF.
Bitcoin Cash faces potential 24% crash as Mt. Gox starts repayments
Bitcoin Cash price trades below the weekly support level of $378.6, experiencing a 20% decline this week. Mt.Gox moves over 47,229 BTC worth $2.71 billion, signaling FUD in the market.
Bitcoin faces second largest liquidation event in history, erasing 25% of Base meme coins’ market cap
Bitcoin on-chain data confirms that the current correction represents the second-largest liquidation event in BTC’s history. Base meme coin market capitalization dipped over 25% in the wake of the market-wide decline in crypto prices.
Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors
Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. Technical indicators hint that BTC may undergo a further 7% decline to retest the $52,000 level.