• The Polygon trading price has moved below the support line.
• The RSI sector indicates the market is oversold.

Polygon (MATIC), the Ethereum scaling solution, has continued to witness a decline in recent days. The bearish momentum of the Polygon (MATIC) resulted in the coin reaching its lowest trading price since January 2023.

On May 8th, the MATIC price witnessed a decline, which led to a breakdown from its local support level of $0.94. The Polygon trading price has moved below the support line of the long-term structure. It may be a sign that the long-term upward movement has ended. The daily RSI sector indicates the market is oversold, resulting in a minor pullback that is likely to stabilize the ongoing bearish momentum. 

Polygon Dropped to its Lowest Price Since January 2023

Initially, MATIC managed to get a lot of attention in the crypto market. But in recent times, the performance of altcoins has left investors questioning their holdings. At the same time, memecoins were continuously making an impact in the crypto market.

In the past few days, memecoins have taken over the crypto market by storm. Sandeep Nailwal, the co-founder of Polygon, stated that the continuous demand for memecoins is not a good sign for the crypto market. This is not a good sign for the crypto market in the eyes of regulators and investors.

The recent dip in the Polygon value led to reaching the lowest price since the start of the year. At the time of writing, the trading price of MATIC is around $0.8767, with a decline of over 2.60% in the last 24 hours. The trading volume of the coin witnessed a massive decline of over 18.56%, according to CoinMarketCap.