Despite small price gains in the last 24 hours, the future for Polygon (MATIC) and Quant (QNT) remains bearish. The two coins have had a rough year, which is far from over. Snowfall Protocol (SNW), on the other hand, looks greener than ever as it approaches the end of yet another successful presale round. Investor confidence has also increased significantly in the last week, indicating an even brighter future for the protocol. Here’s a breakdown of how MATIC, QNT, and SNW are performing.
Polygon HODLers’ Confidence is Dwindling
The crypto market has recently been rocked by extreme price volatility. Market volatility frequently results in on-chain transfers and token redistribution. As more tokens return to the market, prices fall due to increased market supply. This has been a recent epidemic in the ecosystem and has continued to worsen as a result of the movement of old coins and whale dumps.
Polygon is a major victim of this trend. More old coins have been moved on the network in the last month than in September and October combined. Over 50 billion MATIC has been moved in the last week alone. And according to reports, a whale recently transferred MATIC worth $7.22 million to Binance. Most investors move coins to exchanges to cut their losses before a coin falls further. MATIC’s long-term holders are deep in the red as the token continues to trade more than 70% below its all-time high. If traders continue to sell, Polygon could break through support at $0.76 and plunge lower, with the next stop at $0.70.
Tough Times Ahead as Market Sentiment Remains Bearish for Quant (QNT)
Quant has been on a downward trend since reaching overbought territory. Most take profits are triggered in overbought territories, resulting in a price drop. QNT dropped even further after crypto came to a standstill a few weeks ago following the FTX fallout and subsequent bankruptcy.
The token is currently trading at $114.29 after falling below the previous support (now resistance) of $130 on November 22. On two separate occasions, the QNT price attempted but failed to reclaim the $130 level. The bearish count indicates that the QNT price has started a bearish impulse and the next closest support area is $82.
Snowfall Protocol (SNW) Is Set to Offset FTX Losses for Investors Flocking to Its Presale
Snowfall Protocol (SNW) is a low-cap gem that has been making waves in the crypto industry in the past month. The protocol has had tremendous success in its presale stages.
First-stage Snowfall investors purchased the SNW token for $0.005, and 95 million SNW sold out. In the ongoing second stage, 90% of 100 million SNW have already sold for 0.045. The price is anticipated to go up again to $0.075 in the third stage due to an influx of new investors flocking to the protocol. Another 100 million SNW is expected to be sold in the third stage.
By registering for the presale today, you can take advantage of the low price and start your journey to 100x returns when the third stage starts and an even juicier 1000x return when Snowfall officially launches.
You can also learn more about Snowfall protocol below:
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