The crypto market has been experiencing a downturn since March 20, with altcoins like Polygon (MATIC) taking a significant hit. MATIC's price has been consistently declining, indicating a lack of market participation and decreased network activity.

Despite a 1.6% increase in BTC, MATIC has fallen to $0.66, with a 24-hour trading volume still below $100 billion.The weakening risk appetite for altcoins and a steady decline in demand have led to a 13% drop in MATIC in April.

The number of daily active addresses has also been decreasing since April 20, with a 16% decline in May. Network growth data confirms this, with a 15% weakening in growth between April 20 and May 12.

The Relative Strength Index (RSI) for MATIC is currently below 50, indicating a lack of buyers in the market. If the price drops below $0.65, it could form a deeper consolidation zone, with a second target at $0.62.

To indicate a turnaround, closures above $0.68 are necessary. The current price of $0.66 is just above the first support level, and the market is eagerly waiting to see if MATIC will rebound or continue its downward trend.