Polygon (MATIC) Breakout Could Propel Price To $1 In Days: Crypto Analyst

Polygon (MATIC) stands as one of the top performers in today’s crypto market, ranking third among the top-100 cryptocurrencies by market cap as of August 21. With a gain of 9% within the last 24 hours, the MATIC price recent surge is outpaced only by the Justin Sun associated crypto assets, TRON (+12%) and BitTorrent [...]

The post Polygon (MATIC) Breakout Could Propel Price To $1 In Days: Crypto Analyst appeared first on Crypto Breaking News.

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Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token.  Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders.  The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors.  Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin.  Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygons recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5.  At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap.   Featured image created with Dall.E, chart from Tradingview.com

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Polygon Ecosystem On Fire: Daily Active Addresses And Transactions Soar, MATIC Gains 5%

Layer 2 scaling solution Polygon has maintained strong network activity even as the broader cryptocurrency market and its native token, MATIC, experienced a downturn in the second quarter of 2024, according to a new report from market intelligence platform Messari. Polygon Weathers Crypto Market Downturn While MATIC saw a 44.3% drop in its circulating market cap to $5.5 billion over the quarter, placing it as the 20th largest crypto asset (currently at the 26th position), the protocol’s on-chain metrics remained strong.  This is in contrast to larger cryptocurrencies such as Bitcoin and Ethereum, which saw their market capitalization decline by 12% and 6%, respectively, over the same period. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? The key driver behind Polygon’s stability in network performance during the second quarter of the year, according to Messari, was the implementation of Ethereum Improvement Proposal (EIP) 4844 on the Polygon mainnet in Q1 2024.  This upgrade, which introduced “blobs” to the network, significantly reduced the average transaction fee on Polygon from $0.017 to just $0.01, resulting in a decrease of 41.1%. As a result, Polygon’s revenue derived from network transaction fees fell 40.6% to $4 million in Q2 2024. However, this drop was not due to a decrease in user activity, but rather the lower fees enabled by EIP-4844. In fact, Polygon’s user metrics continued to soar, with the protocol seeing strong growth across several key indicators.  On-Chain Activity And Ecosystem Growth According to the report, the average number of daily active addresses climbed to 1.2 million, a 47.6% increase quarter-over-quarter (QoQ). The average number of daily returning addresses rose even more, up 50.5% to 1 million. Moreover, new addresses being added to the network grew by 31.7% to 167,800 per day on average. The report also notes that Polygon’s transaction volume also held steady, averaging 4.1 million daily transactions, just below its all-time high and representing a 3.9% increase from the prior quarter.  In comparison, fellow Layer 2 networks Arbitrum (ARB) and Base saw average daily active addresses of 545,000 and 528,000 respectively. Related Reading: Crypto AI Token RENDER Soars 15.6% After Rebrand, Can It Hit $10? While Polygon’s decentralized finance (DeFi) total value locked (TVL) dropped 22.9% to $1 billion, this was largely attributable to the decline in MATIC’s price rather than a net outflow of capital. Messari reported that TVL denominated in MATIC actually increased by 38.1% to 1.8 billion tokens. However, DeFi protocols on Polygon saw mixed results, with Aave, Uniswap, and SushiSwap all experiencing declines in TVL ranging from 13% to 25%. Quickswap saw the largest drop at 35%. Lastly, Polygon’s non-fungible token (NFT) market also remained stable, with average daily NFT volume dipping slightly by 5.7% to $1.8 million. However, the number of daily NFT sales actually increased by 1.8% to 52,000, underscoring ongoing collector interest. At the time of writing, MATIC has experienced a mere 5% increase to a trading price of $0.512, after hitting a 2-year low of $0.428 on July 5th.  Coupled with this worrying price action, the token has seen a 30% decrease in trading volume over the past few days, amounting to $197 million, according to CoinGecko data. All of this has resulted in an 82% difference to MATIC’s all-time high of $2.91, which was set during the 2021 bull run.  Featured image from Shutterstock, chart from TradingView.com

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Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Polygon (MATIC) appears to be underperforming compared to the broader market, where most of the attention is directed toward other major cryptocurrencies with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to recent announcements concerning the migration of Polygons MATIC token to the new POL tokens. Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend. Related Reading: Crypto Analyst Says Think Bigger, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has been on a steady decline since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity. MATIC Price Analysis At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark. Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has made many attempts to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In MATIC’s profitability count is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade. The mainnet upgrade from MATIC to POL is slated to take place in September. The anticipation surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.  Featured image created with Dall.E, chart from Tradingview.com

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MATIC Sees 30% Price Surge After Achieving Carbon Neutrality

The price of Polygon (MATIC) has jumped by more than 30% over the last few days. MATIC is currently trading ...

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MATIC Could Be Breaking Its Troublesome Streak This Week

Polygon (MATIC) signals upsurge following a period of downwards price movement. The price of MATIC experienced a 26.74% gain in ...

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Polygon (MATIC) Could See a Bull Run of 30% In the Next Few Days

Polygon (MATIC) might rally in the coming days as many believe that the Polygon Network has bottomed over the weekend. ...

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Several Technical Indicators Confirm Bearish Trend For MATIC

Polygon (MATIC) is currently 18th on CoinMarketCap’s list in terms of market cap after a 2,47% drop in the last ...

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Will Polygon (MATIC) Make a Wise Investment in 2022?

Polygon is an Ethereum-based sidechain. Polygon is setting a user-friendly environment. Polygon is now going green in 2022. Polygon, the ...

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Data Shows Polygon Has Surpassed Eth In ‘New Tokens Deployed’

Big announcements and data both point to Polygon beating Ethereum in almost every metric. Covered: Polygon overtakes Ethereum in ERC tokens deployed From Sidechains to Rollups Winning on all fronts A Formidable Layer 2 for ETH Congestion It was only a matter of time. The bottleneck of Ethereum’s congestion at the base layer always meant […]

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The Polygon Vesting Contract Is Officially Empty, Will This Send MATIC Price To $3?

Like many other crypto projects, the native token of the Polygon network, MATIC, was launched with some portion of the supply vested for the team over a period of time. In the case of Polygon, the vesting was for five years, and since 2019, there have been periodic token unlocks. However, the unlocks, which have often been a deterrent for investors, are now over, as the last batch was just released to the team. Polygon Last Unlock Goes To Team On Wednesday, February 21, the Polygon Foundation received the very last portion of their vested tokens from the vesting contract. In total, 273,304,816 million MATIC tokens valued at $260 million were released to the Foundations wallet. Related Reading: Bitcoin Fisher Transform Reaches Critical Level Not Seen Since 2021, What This Means This unlock marks the very last unlock that the Foundation will receive, meaning that almost all of the available supply of MATIC is now in circulation. The latest unclog brings the circulating supply of the cryptocurrency to 9,618,318,574 out of its 10,000,000,000 maximum supply. As a result of this, the market cap of Polygon is sitting just above $9.14 billion with a fully diluted valuation (FDV) of approximately $5 billion. The entirety of the MATIC supply has been unlocked, which means that there will be no more tokens being brought into circulation. This is a huge milestone for the project, whose investors have waited years for the vested tokens to finally run out. Polygon trending below $1 | Source: MATICUSDT on Tradingview.com How Will This Affect The MATIC Price? The fact that the entirety of the MATIC supply is now in circulation is bullish for the digital asset, especially in the long term. Inflation is a factor that tends to drive investors away and keep them from holding their coins due to the fear of more tokens coming into circulation, causing supply to exceed demand. Related Reading: Finance Expert Drops Grim Prediction For US Economy, Says Bitcoin Is The Parachute Now that the entirety of the supply is now in circulation, it gives the MATIC price a chance to enter into price discovery. However, there is still some concern about when the Polygon Foundation might start selling their coins as the entirety of the unlocked tokens still sit in the Foundations wallet. If they do decide to sell, though, it is likely that the foundation would do so through OTC (over-the-counter) deals to minimize the impact of such a sale on the token price. As a result, the MATIC price might not suffer much. At the time of writing, the MATIC token is trading at $0.95 with a 24-hour increase of 1.11%. Although its performance has been far from encouraging, the token is sitting only 67% below its 2021 all-time high of $2.92. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet Featured image from Admiral Markets, chart from TradingView.com

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MATICs Bullish Divergence Signals 300% Surge Towards New All-Time High: Report

Polygon (MATIC) is indicating a massive breakout which is further backed by a bullish divergence. In a recent X post, Javon Marks points to this technical indicator as the largest ever seen for MATIC, which could mean one of the tokens best rises yet. The prediction shows that there is an probable increase of 300%, […]

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