The price of Polygon (MATIC) has fallen by 18% since the announcement of plans to migrate to a new native token called "POL" on July 13. This has caused uncertainty among investors, as evidenced by a decrease in the number of new MATIC wallet addresses being opened on the Polygon network.

Whale investors have also taken bearish positions on MATIC, selling off 23 million coins between July 18 and July 27. The bearish trend could continue if MATIC loses the $0.70 support level, but initial support may come from the 10,000 investors who bought 270 million MATIC tokens for a minimum price of $0.69.