Polygon (CRYPTO:MATIC) price is facing a downturn, hitting a seven-month low amid a bearish June.
Despite whales accumulating 33 million MATIC worth over $18.6 million in the past ten days, this has not significantly impacted the token's price.
Network growth is declining, indicating a lack of new investor interest, contributing to a bearish market sentiment.
The altcoin is currently trading below $0.60 and struggling to surpass resistance levels at $0.60 and $0.64.
If MATIC holders refrain from selling to offset losses, the token might consolidate and build momentum for a potential breakout.
However, if the selling pressure continues, MATIC could drop below $0.53, extending losses further.