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Amid recent legal squabbles with the US SEC, Polygon has announced former Chief Legal Officer Marc Boiron as the new CEO. On-chain data suggests that the Polygon community has reacted positively to the news. Will it be a major game changer for MATIC’s price in the coming weeks?
On Friday, July 7, Polygon (MATIC) announced former Chief Legal Officer Marc Boiron as the new CEO. Polygon (MATIC) price gained 3% over the weekend as markets reacted to the announcement.
Will Marc Boiron’s perceived legal experience shore up investor confidence and trigger a reactionary MATIC price rally?
Polygon’s new CEO appointment appears to have been well-received within the community. On-chain data compiled by Santiment reveals that Polygon recorded a 120% spike in Social Volume within 24 hours of the announcement.
As illustrated below, MATIC recorded a Social Volume score of 90 on July 7. After the news was announced, that figure instantly spiked to 199 on July 8.
Social Volume measures the level of media buzz surrounding a cryptocurrency project by tracking the total number of times it is mentioned across relevant social media channels.
When it increases, it suggests that the project is grabbing investors’ attention, which is typically bullish for price. As shown above, MATIC’s recent Social Volume spike has triggered a 3% price surge.
This could be a game changer for MATIC if investors become confident that the appointment of a new CEO with a legal background can move the needle on the ongoing regulatory squabbles.
Whale Investors are Anticipating a Potential Game Changer
Polygon Whales are already positioning for the new CEO appointment to be a game changer for MATIC price. According to on-chain data, a cohort of price-savvy whales began to buy MATIC again once the appointment was announced.
As seen below, the whales bought another 10 million MATIC tokens within 48 hours of the appointment.
With prices currently sitting at $0.70, the fresh investment is worth nearly $7 million. Generally, whale accumulation often sends bullish signals to strategic retail investors and other network participants.
But importantly, historical trends show that MATIC price has often surged once this particular cohort of whales starts buying.
In summary, the growing confidence among whale investors and positive media buzz generated by Marc Boiron’s appointment are critical factors that could trigger a MATIC price rally.
MATIC Price Prediction: All Eyes on $0.80
With 87% of MATIC holders likely unwilling to sell at a loss, a significant surge in demand could trigger a price rally. IntoTheBlock’s IOMAP data reveals $0.75 as the significant resistance level hindering MATIC from reaching the elusive $0.80 target.
As seen below, about 8,000 investors bought MATIC at a minimum price of $0.75. If they decide to book some profit, MATIC could reverse below $0.70 again.
But, if the new Polygon CEO appointment becomes a game changer, the $0.75 resistance could evolve into a larger accumulation zone.
If that happens, MATIC could reclaim $0.80 for the first time since the SEC lawsuit in early June.
But by chance, the bears could negate the bullish MATIC price prediction if the drops below $0.65. However, 6,500 investors that bought 115 million MATIC coins at the average price of 0.65 could mount a buy-wall.
Although unlikely, if that supports buy-wall caves, MATIC could retrace toward $0.60 again
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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