MATIC Price Analysis: Price Readies August Move, Polygon Shares Update on 1.4 Billion MATIC Tokens Unlocked

• Polygon (MATIC) was trading at $0.893, down 1.73% in the last 24 hours
• Total tokens to be unlocked since April 21st, 2021, as per the vesting schedule is 1,386,609,632 MATIC
• Upon claiming, 640,000 tokens will be staked directly by the co-founders

Polygon (MATIC) was trading at $0.893, down 1.73% in the last 24 hours as its price prepared for the next move. 1.4 billion MATIC tokens, or 14% of the total supply, have been released from the vesting contract. According to Polygon Co-founder, Sandeep Nailwal, “This was a planned movement from the tokens which, as per vesting, had been unlocked 1 year ago.” As per the update shared by Polygon, the total tokens to be unlocked since April 21st, 2021, as per the vesting schedule, is 1,386,609,632 MATIC. 640,000,000 (6.40%) was allotted to the team and includes two vestings unlocks as per the schedule-October 2021 (320,000,000) and April 2022 (320,000,000). Upon claim, the tokens will be staked directly by the co-founders. 546,609,632 (5.46%) have been allotted to the foundation, which includes the October 2021, and April 2022 vesting schedule tokens. 200,000,000 (2.00%) have been allotted for staking rewards and include vested tokens from the May–December 2021 period as per the schedule.

Key Levels
Resistance Levels: $1.245, $1.150, $1.000
Support Levels: $0.850, $0.750, $0.685

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

The MATIC/USD pair continues to sustain traction over the $0.750 mid-term low established on July 26 to hit highs not seen since mid-May. Recently, MATIC achieved a high of $1.017 on July 31 after posting four straight days of gains. However, at the end of July, MATIC saw a short-term correction when investors sold their gains from the four-day surge, which caused the pair to fall to $0.850.

With lengthy falls anticipated to find support at above $0.750 levels before the MA 50 ($0.650) barrier, which has now turned into support to keep bulls in play, the current easing might be considered as a setting for further gains. As long as the RSI stays above 50, the pullback appears to be a corrective response. A sustained break over the $1.00 resistance would signal new upward movement.

MATIC/USD 4-Hour Chart: Ranging

MATIC/USD 4-Hour Chart

On the 4-hour chart, it can be observed that MATIC dropped from recent highs as a result of profit-taking. The bulls came to the rescue, though, and the bears have thus far been unable to drive the price below the $0.850 level. The MA 200, which is currently at $0.725, and $0.685, might be used as the first lines of support if prices continue to decrease.

A significant rebound above that point would change the situation and allow for a test of the $1 psychological handle. On the other hand, a market recovery may run into immediate opposition around the MA 50 zone, which has since transformed into a barrier at $0.888; an upward breach would open the door for a retest of the $1.150 level before the $1.245 area.

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