The total transaction fees paid on the network quadrupled over the last 30 days MATIC was one of the best-performing currencies in the market in 2023, having leaped 94% since the start of the year On 21 February, Hinkal, a privacy protocol which lets users anonymize DeFi transactions, announced on Twitter that it would make […]
Despite this, Polygon’s on-chain activity left a lot to be desired. The Transaction Volume steadily declined over the past week while the rate at which new addresses adopted MATIC was uninspiring, data from Santiment revealed.
Another issue was the high 30-day MVRV Ratio, which indicated that the network was profitable for most token holders and it could cause selling pressure for the coin. It was evident that most holders were in an accumulation mode in anticipation of the high returns that could come their way after the zkEVM launch next month.MATIC was one of the best-performing currencies in the market in 2023, having leaped 94% since the start of the year. Its daily chart looked bullishly positioned, with higher-highs and higher-lows.The RSI rose sharply in the last few days, and was seen moving towards overbought territory.
Short-term bulls looking to profit could lead to a pullback, but a reversal seemed unlikely at this stage.Subscribe to get it daily in your inbox.
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Polygon’s ecosystem registers growth, but these metrics sound a bearish alarmPolygon’s ecosystem outperformed other Layer 2 solutions. However, stakers were seen losing interest in MATIC. Despite the competitive landscape of the Layer 2 sector, Polygon managed to perform well. According to data provided by Artemis, Polygon’s ecosystem has been thriving. Interestingly, it outperformed L2 solutions such as Optimism and Arbitrum in various areas. ETH L2s […]
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Understanding Polygon’s midway stagnation as Optimism and Arbitrum…Polygon’s ecosystem grew, but its TVL could not compete with other L2 solutions. MATIC showed bearish signs despite rising prices. Even though Polygon [MATIC] has been seeing growth in the DeFi space, other L2 solutions such as Arbitrum and Optimism [OP] have out-competed it in terms of TVL. However, this could change with the increasing […]
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