The price of Polygon (MATIC) is currently awaiting strong bullish signals that could prompt the altcoin to break out of its current consolidation phase.

Given that the altcoin is among the less profitable assets currently, it is likely that investors will push to elevate prices to lock in profits.

MATIC Whales Hint at Accumulation

MATIC's price could see a breakthrough above the $0.74 barrier if investors act accordingly. As long as MATIC holders refrain from selling, the consolidation may continue, potentially leading to a rebound driven by accumulation.

This potential outcome for MATIC, which has seen an increase in buying pressure, is evident as the amount held in exchanges dropped by 20 million MATIC in the last three days. Although minor compared to other metrics and the altcoin's market cap, this supply reduction is a testament to positive investor sentiment.

Historically, such buying scenarios have been followed by short-term price increases. If MATIC experiences a similar outcome this time, it could invalidate the ongoing consolidation.

Less than 34% of MATIC's total circulating supply is currently in profit, a relatively unusual condition. Despite recent corrections, at least 50% of most cryptocurrencies' supplies are typically in profit.

This suggests that Polygon investors might be desperate to realize profits, which could prevent them from selling their holdings. Given MATIC's significant growth potential, it might also experience an extended upward movement.

MATIC Price Forecast: Aiming to Reclaim $0.80

MATIC's price is consolidating between $0.74 and $0.64. This range has not been broken on either end over the past three weeks. Since mid-April, the native Polygon token has attempted several times to break the upper boundary, which has acted as resistance.

Now, the altcoin is close to doing just that. A push from Polygon MATIC's accumulated investor interest may help it breach $0.74, driving the price toward $0.80. Successfully flipping the resistance at $0.81 would kickstart a recovery rally.

On the other hand, if the breakout fails, MATIC's price might stay within the tight range and could fall back to $0.64. Losing this support could send the altcoin down to $0.60 or lower, nullifying bullish forecasts.