Polygon’s native cryptocurrency, MATIC, has experienced a significant decline in price following the announcement of a lawsuit by the SEC against Kraken, in which MATIC was mentioned as a security. This has put pressure on Polygon and may hinder its ability to recover. The price of MATIC started to decline from the $0.98 resistance level against the US dollar and is currently trading below $0.80 and the 100 simple moving average (4 hours). On the 4-hour chart of the MATIC/USD pair, a bearish trend line is forming with resistance near $0.788. If the price remains below the $0.800 resistance zone, it could continue to decline. Immediate support is near the $0.7285 level, with the main support at $0.700. On the upside, the first major resistance is near $0.785, followed by $0.800 and $0.855. A clear move above the $0.855 resistance level could initiate a steady increase. However, if the price fails to rise above the $0.800 resistance level, it could further decline towards $0.650, with the next major support at $0.618. The MACD indicator for MATIC/USD is in the bearish zone, and the RSI is below the 50 level, indicating a negative sentiment. Overall, the future of MATIC remains uncertain as it faces challenges in the aftermath of the SEC lawsuit.