Home
News
- Polygon (MATIC) has been observed oscillating near an all-time high
- As Bitcoin and Ethereum registered strong corrections, Polygon has been the cryptocurrency inclining over the same period
- It seems MATIC tokens don’t have much room to grow in terms of other competing protocols
Polygon has been one of the interesting cryptocurrencies to watch for several investors this year. Since the beginning of the year the blockchain noted incredible growth and a huge count of partnerships. Simultaneously, Polygon’s native crypto asset MATIC has also been having an interesting trading price range over the period. Since the end of last month, MATIC has been observed oscillating near an all-time high. Alongside strong market indicators there are some continued frailties. Hence to note the immediate trend, it is significant to analyze some of the key market signs.
Major assets dropped Polygon gained
This weekend, the crypto market faced carnage and some major digital assets shed some blood. As Bitcoin and Ethereum registered strong corrections, Polygon has been the cryptocurrency inclining over the same period. At the time MATIC incurred a more than 6% growth and dropped by more than 13% on the following day.
As the price actions appear to be circumstantial, on-chain data signals a different scenario. According to data from Santiment, the landscape has been extremely bullish for the cryptocurrency, as the token remained under price discovery for a new all-time high.
Besides, we have also observed that daily active addresses count has surged over 10k which is on par with levels witnessed during May this year. Additionally, the network growth has also remained aggressive with more than 3700 addresses interacting with the token on a daily basis. According to analysts, following the social volumes it seems the market could shift in another gear.
However, compared with the trends noted in May, there is a robust similarity in terms of the asset price. Indeed, MATIC is again finding its best price range while other major assets find sorrection. As the Bitcoin consolidates MATIC’s short term metric could pull away from the upside.
MATIC might has less room for growth
Following the growth of Polygon, many experts consider that the project is still an up and coming protocol over the last six months. Notably, if we compare the total market cap of the project with total value locked (TVL) ratio, it seems like MATIC tokens don’t have much room to grow in terms of other competing protocols. Indeed, a lower M.CAP/TVL sign the range for TVL within the project is still adequate. Still, MATIC’s ratio at press time was more than ETH’s.
MATIC price might plunge now
Following the current price actions it seems quite difficult to estimate the immediate trend of Polygon despite some of the bullish fundamentals. According to experts, the lack of uniqueness or intrigue from the larger user base might shunt the discovery of MATIC. What the token was required to do is to hit the iron when it is hot and it did after the crypto market flash crash. Hence, now the token might fall back as the market collectively get pulled down by the bears.
