Polygon MATIC Eyes Potential Rebound Amidst Surging On-Chain Activity
Polygon (MATIC), th Ethrum scling solution, hs xprincd dclin in ntwork ctivity sinc th brodr cryptocurrncy mrkt bgn its corrction in Mrch. Howvr, rcnt dt suggsts potntil rvrsl could b brwing.
Blockchin nlytics pltform Sntimnt rportd significnt spik in on-chin ctivity on th Polygon ntwork. Dt shrd on August 28 rvld substntil surg in ctiv ddrsss nd dormnt tokn movmnts this wk. This surg coincids with th scond-highst numbr of Polygon ddrsss intrcting with th ntwork this yr, indicting incrsd usr nggmnt nd potntil bullish sntimnt.
Th rcnt incrs in ctivity divrgs from th ongoing downwrd trnd. According to dt from Polygonscn, th blockchin xplorr, ddrss ctivity hs sn dclin sinc lt July, plummting from 1.6 million to 700,000 by th nd of August. Similrly, dily trnsctions hv droppd significntly, from ovr fiv million in Mrch to pproximtly thr million in lt August.
MATIC Price Retreats Despite Activity Surge
Dspit th rcnt surg in ctivity rportd by Sntimnt, MATIC rmins firmly within br mrkt trritory. Th tokn xprincd short-livd rlly on August 25th, rching two-month high of pproximtly $0.58. Howvr, this momntum couldnt b sustind, nd th pric quickly rtrtd.
As of August 29th, it hd plummtd by 24% from its rcnt pk, rching 10-dy low of $0.437. This mrkd furthr 5% dclin ovr th pst 24 hours. MATIC rmins stggring 85% down from its ll-tim high of $2.92, rcordd in Dcmbr 2021, ccording to dt from CoinGcko.
MATIC dclin in vlu mirrors brodr downturn in th cryptocurrncy mrkt. Th mrkt ldrs, Bitcoin nd Ethrum, hv lso suffrd pric corrctions, contributing to th ovrll brish sntimnt.
Howvr, th rcnt surg in on-chin ctivity could b sign of potntil pric rvrsl for MATIC. Sntimnts Ag Consumd mtric, which msurs th movmnt of long-hld tokns, hs xhibitd significnt uptick. This suggsts tht dormnt MATIC tokns r bing rctivtd, historicl indictor of impnding pric fluctutions.
Furthrmor, th Polygon ntwork is undrgoing significnt upgrd, nd Binnc hs nnouncd its support for th migrtion from MATIC to POL tokns. This upgrd is xpctd to improv th Polygon tokns functionlity nd could positivly impct its pric.
Whil th short-trm pric outlook rmins uncrtin, th rcnt on-chin ctivity suggsts potntil shift in sntimnt for MATIC. Th upcoming ntwork upgrd nd xchng support could furthr ful pric rcovry, but brodr mrkt conditions will lso ply crucil rol.
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Read more: https://www.tronweekly.com/polygon-matics-on-chain-activity-surges/
Text source: TronWeekly
