MATIC price plummets as Binance halts deposits and withdrawals due to Polygon’s network issues

MATIC price could decline further as the Ethereum scaling solution was hit by a network-wide issue. The Polygon network has since declared the issue resolved and revealed that the blockchain is now stable. 

MATIC price struggles as cryptocurrency exchange halts transactions on Polygon

MATIC price has dropped in response to a network-wide issue. The Polygon network suffered an outage that hit the Ethereum scaling solution’s entire blockchain. Following the issue, the world’s largest cryptocurrency exchange, Binance, halted deposits and withdrawals of the altcoin. 

The development team behind the MATIC network responded to Binance’s notice of halting the altcoin’s deposits and withdrawals and confirmed that the proof-of-stake blockchain is now stable and working fine. 

The team confirmed that all user funds are safe, and Binance is now upgrading nodes. The exchange will sync block data before going live, facilitating MATIC deposits and withdrawals on the platform. 

The exchange has informed users that no further announcements will be posted. Once the Polygon network is stable, the exchange will reopen users' deposit and withdrawal facilities. 

Analysts have evaluated the MATIC price trend and noted a falling wedge pattern on a one-day time frame. A falling wedge pattern is considered an indicator of a downtrend in the altcoin. The Ethereum-scaling solution’s token was previously forming an ascending or rising wedge; however, the trend reversed, indicating a bearish narrative now for MATIC. 

FXStreet analysts believe MATIC price is eyeing a 36% upswing dependent on a follow through of the rising wedge pattern; this implies a massive recovery in the altcoin.