MATIC might soon have a trick up its sleeves, one which might result in it touching $1.5 in the coming weeks or months.

investors have been having a tough time lately, with the token's price declining steadily on the charts. Now, though this seemed troubling, MATIC

Investors have been having a tough time of late, with the token’s price declining steadily on the charts. Now, though this seemed troubling, MATIC might soon have a trick up its sleeves, one which might result in it touching $1.5 in the coming weeks or months.

Having said that, let’s take a closer look at MATIC’s price action over the last month. We’ll also take into account some key on-chain metrics and technical indicators to understand what might be in store for the token.

MATIC witnessed a double-digit price decline last month as its value plummeted by 16%. At the time of writing, the token was trading at $0.4233 with a market capitalization of over $4.2 billion, making it the 21st largest crypto. Whenever this happens, it indicates that bearish sentiment around a token is dominant in the market.

However, its social volume spiked on 8 August, reflecting its popularity in the crypto space. We found that investors have been buying MATIC. This was the case as its supply on exchanges somewhat declined while its supply outside of exchanges increased. However, its MVRV ratio continued to remain low – A bearish sign.

Finally, the token’s Relative Strength Index was resting in the oversold zone. This might help increase buying pressure and, in turn, lift MATIC’s price.

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