NAIROBI (CoinChapter.com) — 2024 has been a challenging year for many cryptocurrencies, with some tokens experiencing major declines. Among the hardest hit are Arbitrum (ARB), Polygon (MATIC), and MultiversX (EGLD), each among the worst performing cryptocurrencies of 2024, shedding over 64% of their value year-to-date (YTD). As these tokens scramble to find their footing, investors can’t help but wonder: is there any hope for a comeback in 2025, or will they keep slipping on the crypto banana peel?
Arbitrum’s (ARB) Challenges in 2024
Arbitrum, a prominent layer-2 solution for Ethereum, has joined the ranks of the worst performing cryptocurrencies of 2024. Currently priced at $0.5489, with a market cap of $2.18 billion and a 24-hour trading volume of $152 million, ARB has dropped 64.72% since the start of the year.
According to AltCryptoTalk, a pseudonymous analyst, the token is caught in a prolonged correction phase, held down by a descending trend channel. Analysts see the $0.587 resistance level as critical—if ARB breaks above it, it could signal a bullish reversal.
Since reaching an all-time high of $9.86 in March 2023, ARB has lost a staggering 94.4% of its value. It briefly hit a low of $0.434 in Aug. 2024, recovering 26.4% since then. Moving into 2025, Arbitrum’s future depends on its ability to break this bearish cycle and rebuild market confidence.
Polygon (MATIC) Faces Investor Concerns as Market Interest Fades
Polygon (MATIC) has struggled throughout 2024, trading at $0.3494 with a $915 million market cap. This marks a 64.00% year-to-date decline. Nonetheless, the blockchain boasts a robust ecosystem. However, the token has failed to maintain the investors’ interest with daily trading volume plummeting to $14.4 million, a factor that shows declining interest.
On chain data from IntoTheBlock reveals that nearly 98% of all of the MATIC holders are in a net negative position, with only 1% in the green at these prices.” This compares to open interest on MATIC derivatives which has significantly declined to $110 million, a level not seen in many months.
Furthermore, exchange netflow shows a -$665.42k, which shows that people are withdrawing their tokens from exchanges more than depositing them, implying retreated investor sentiment.
MATIC is hovering near a critical support level at $0.350 after months of decline. The RSI is at 36.33, signaling oversold conditions, but it doesn’t guarantee an immediate bounce. Sellers still dominate, with the Balance of Power (BoP) at -0.47. A drop below this support could lead MATIC toward $0.300. For a recovery, the token needs to break above $0.400 with increased buying interest. Without this, the downward trend could persist into 2025.
MultiversX (EGLD) at Risk: Could the Bearish Trend Push It to $17?
MultiversX (EGLD) has also faced steep losses in 2024, currently trading at $25.20 with a YTD decline of 64.56%. Analyst @s3kee recently highlighted a concerning development: EGLD has broken out of a symmetrical triangle pattern, which typically signals potential downside. If EGLD fails to hold support at $22.32, it could slide further to $17.
EGLD price could dip to $22.32. Credit: S3kee/X
Adding to the negative sentiment, EGLD recently dropped out of the top 100 cryptocurrencies on CoinMarketCap, a sign of declining market interest.
Adding to concerns, the MultiversX team is reportedly selling from its treasury and has canceled future events. This, combined with new allegations of instability within the ecosystem, such as the $BFY rug pull accusation, has rattled confidence in the project.
Looking toward 2025, EGLD’s path to recovery depends on whether the team can regain trust and stimulate new interest. Without clear steps forward, EGLD could remain pressured in the year ahead, holding its place among cryptocurrencies that underperformed in 2024.
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