- MATIC was up by 3% in the last seven days, along with a rise in volume.
- Selling pressure on the token was high at press time.
Polygon [MATIC] gained upward momentum last week as its price chart remained green, allowing it to reclaim its lost market capitalization. The hike in its price might be attributed to the blockchain’s achievements.
Polygon’s achievements are remarkable!
Over the last week, Polygon’s price has rallied by more than 3%, giving investors hope for a further rally. At the time of writing, it was trading at $0.8134 with a market capitalization of over $7.5 billion.
The good news was that its price uptrend was accompanied by a rise in its trading volume. While the token’s price increased, the blockchain as a whole registered promising growth as well.
Today In Polygon, a popular X (formerly Twitter) recently posted a tweet highlighting the blockchain’s achievements. The most notable ones include Polygon PoS, which averaged over 10 million daily transactions in the last week.
The last 7 days in Polygon👇👀
💜 Polygon PoS averaged over 10M daily transactions in the last week
💜 Polygon zkEVM now supports the Bridged USDC Standard, unveiled by @circle earlier this month
💜 @sandeepnailwal announced three important dates coming in December (7/12/23,… pic.twitter.com/wfdL0j03kQ
— Today In Polygon (@TodayInPolygon) December 1, 2023
Unique gaming addresses on the blockchain also increased by 80% over the last 30 days. Another notable update regarding Polygon was that new weekly contracts deployed on blockchain reached an all-time high for two consecutive weeks.
Mentioning Polygon zkEVM, it recorded a 3-month high in daily transactions with over 100 thousand. Additionally, zkEVM’s total transactions crossed the $8 million mark, reflecting increased usage and adoption.
Should MATIC investors worry?
Though the current price action and the aforementioned updates looked optimistic, things might turn sour for MATIC. Adrian Zduńczyk, a popular crypto investor, revealed that MATIC might witness a bear rally.
It’s interesting to note that the tweet mentioned the possibility of MATIC’s price plummeting while Bitcoin’s [BTC] price rises over the coming days.
FACTS:
* $MATIC – bear market
* $BTC – bull market
Follow the trend pic.twitter.com/mMbx5Qy2VI
— Adrian Zduńczyk, CMT (@crypto_birb) December 2, 2023
AMBCrypto then checked MATIC’s on-chain metrics to see whether this outcome was likely. As per our analysis, after a substantial improvement in the MVRV ratio, the metric registered a slight decline on the 3rd of November.
The token’s Supply on Exchanges remained higher than its Supply outside of Exchanges, meaning that selling pressure was high.
Source: Santiment
However, whales’ confidence in MATIC was high, as evident from the spike in the token’s Whale Transaction Count. Additionally, the supply held by top addresses also increased.
Is your portfolio green? Check out the MATIC Profit Calculator
Another positive development was revealed to AMBCrypto when we checked Hyblock Capital’s data. Our analysis pointed out that, during Polygon’s liquidations, its price dropped in the last week.
However, after a short price correction, MATIC’s went beyond its initial levels. This was optimistic for MATIC, as it suggested that the token might continue its bull rally.
Source: Hyblock Capital
