The recent sale of altcoins by large investors, or "whales," may signal significant price movements. Polygon (MATIC) coin, in particular, has struggled due to whale sales and increased market competition, leading to a substantial decline in trading volume on the MATIC network.

In the past few hours, MATIC coin's price has dropped below $0.7, currently trading at $0.66, representing a 3% loss. Despite the general market rise in 2024, MATIC coin has underperformed due to delays in token transformation and the emergence of alternative layer2 options. Moreover, whale sales have indicated a lack of faith in the coin's future price potential. In just one week, addresses holding between 1 million and 10 million MATIC sold 21 million units, amounting to approximately $15 million in sales.

The decline in trading volume on the MATIC network, from an average of $77 million to $21 million, suggests a disinterest among individual investors. This decrease in activity may trigger a downtrend in price movement, further exacerbated by whale sales and negativity in the BTC price. If the MATIC price loses its current support level of $0.66, it may plummet to new lows between $0.6 and $0.5. However, if investors can reclaim $0.75 as support, the coin may target levels of $0.8 and $1.