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Polygon: Short-term investors outperform long-term holders, here’s how

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Polygon: Short-term investors outperform long-term holders, here's how

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • MATIC hit the overbought zone on the lower timeframe chart.
  • Monthly holders saw gains jump from 7% to 25% at press time. 

Polygon’s [MATIC] recent rally is a win for every investor. But short-term holders outperformed long-term holders in the recent hike.

MATIC posted over 20% and 7% in the past seven days and 24 hours, respectively. But long-term holders were still in losses. 

Read Polygon’s [MATIC] Price Prediction 2023-24

MATIC formed a bearish order block: Will the momentum slow down?

Source: MATIC/USDT on TradingView

The three-hour chart showed a strongly bullish MATIC with an RSI value of 73. But the value is also in the overbought zone, which makes MATIC ripe for a price reversal. In addition, the Chaikin Money Flow (CMF) moved southwards, showing a weakening short-term market structure. 

Short-term sellers could target the 78.6% Fib level of $1.4760 or $1.4498 support level, especially if BTC breaks below the $24.42K level. 

How much is 1,10,100 MATICs worth today?

The bearish thesis will be invalid if MATIC clears the bearish order block and closes above the 100% Fib level of $1.5686. Such an upswing will allow short-term bulls to profit at $1.6444 or $1.6906. 

A CMF break below the zero line would give bears more leverage. However, a rebound from the level would reinforce the bullish structure. 

Short-term holders saw gains, but long-term holders struggled to recover losses

Source: Santiment

MATIC’s weighted sentiment sharply dropped following BTC’s unexpected fall from the $25K level. But the sentiment remained positive; thus, bulls could attempt an extra rally. In addition, MATIC saw increased active addresses, which could boost buying pressure and the uptrend. 

However, monthly holders saw positive profits from 7% to about 25% by press time, as shown by the 30-day MVRV (Market Value to Realized Value).

In contrast, long-term holders were struggling to recover losses. Long-term holders were at -10%, as shown by the 365-day MVRV, indicating that they were yet to post gains despite the recent rally. 

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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