Whales struggle to lift Polygon (MATIC) from seven-month low

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.