ChatGPT-powered Copilot Inspires Bullish Sentiment and Polygon Price Recovery

In this post:

    • Polygon (MATIC) price shows signs of recovery as network growth remains strong despite recent setbacks.
    • Integration of AI-based user guide, ChatGPT-powered Copilot, expected to attract more users to #Polygon network MATIC
    • Renewed confidence from whale investors contributes to a 16% price jump, indicating a potential price recovery for MATIC.

After experiencing a setback due to recent legal issues, Polygon (MATIC) is displaying early indications of an impending price rally. Despite a temporary price retracement, Polygon has continued to attract new users, and the integration of an AI-based user guide, ChatGPT-powered Copilot, is expected to further enhance the platform’s appeal. With the network’s growth on an uptrend and renewed confidence from crypto whales, the stage is set for MATIC’s price to recover and potentially surpass the $1 milestone.

Polygon Network’s growth remains strong

Despite a 35% price retracement that pushed MATIC to 2023 low, Polygon has consistently been acquiring new users. The sustained healthy network growth, as depicted in the Santiment chart, showcases Polygon’s ability to maintain its user base even during market downturns. Despite the price drop below $0.60, the daily network growth has remained above 60,000, indicating a robust network value. This suggests that the Polygon network’s core products and services continue to be valuable to users, extending beyond mere price speculation.

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Polygon (MATIC) Price Recovery, June 2023 | Network Growth, Source: Santiment

Polygon’s recent unveiling of the AI-powered user guide, Copilot, is expected to have a positive impact on the MATIC price in the coming weeks. If widely accepted, Copilot could facilitate the seamless onboarding of new users, thereby driving further network growth. The increasing network value, coupled with the growing user base, has the potential to fuel MATIC’s price recovery above the $1 mark.

Whale confidence and MATIC price recovery

The renewed confidence displayed by whale investors in MATIC is another encouraging sign for the price recovery. Whale holders, owning between 10 million to 100 million MATIC coins, have been increasing their holdings, as depicted in the Santiment chart. Over the span of a week, these whales purchased 52 million coins worth approximately $36.4 million. Such a substantial inflow of funds has contributed to the rapid 16% price jump witnessed in MATIC.

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Polygon (MATIC) Price Recovery, Whales Wallet Balances | June 2023. Source: Santiment

Considering the factors discussed above, it is evident that MATIC bulls are on a price recovery mission to reclaim the $1 milestone. However, there will be significant resistance just above the $0.75 mark, where a cluster of 8,250 investors holds approximately 630 million tokens. If MATIC can overcome this resistance level, it has the potential to rally toward $1. On the other hand, a drop below $0.65 may lead to bears gaining control, but support from 6,260 investors who purchased 81.84 million MATIC coins at the maximum price of $0.65 is likely to prevent a further decline.

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Polygon (MATIC) Price Recovery, June 2023 | IOMAP, Source: IntoTheBlock

Polygon’s integration of ChatGPT-powered Copilot, along with its continued network growth and renewed confidence from whale investors, sets the stage for a potential MATIC price recovery. As more users are attracted to the platform, the network value strengthens, which, in turn, can inspire further bullish sentiment. While resistance levels and potential market fluctuations may pose challenges, the positive outlook for Polygon suggests that the $1 milestone is within reach for MATIC in the near future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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