Polygon (MATIC): Assessing Factors That Might Initiate Southward Journey

Polygon’s MATIC presented attractive price actions and retained hope for lucrative days ahead. The alternative token surged around 3% within the last 24 hours, trading at $0.7709 during this publication.

Besides the positive price moves, MATIC witnessed an improvement in its popularity. MATIC was one of the token tokens in exchange CoinGecko’s trending search.

While the token’s popularity soared, multiple fascinating developments emerged in Polygon’s ecosystem that could have some power to propel the token’s price in the upcoming week. Surprisingly, MATIC’s on-chain indexes also confirmed similar results.

An Impending Turn of Events

The recent announcement had Polygon revealing integration of the Push protocol, formerly EPNS (Ethereum Push Notification Service). That might be a lucrative ecosystem development. That’s because it would allow Polygon to offer improved web3-native communiqué to Polygon’s active users and apps.

Polygon stated that the Push Protocol addresses the issue of communication between users and apps. Therefore, enhancing the overall web3 user experience. Besides this, Polygon unveiled zkEVM recently, which meant a lucrative path to scale ETH and would welcome cheaper transfers to Ethereum. These developments within the community printed a positive future for MATIC.

All Good, But

Evaluating Polygon’s on-chain metrics confirmed a relatively attractive picture, with most indexes supporting potential uptrends in the upcoming days. For example, MATIC’s monthly MVRV Ration soared within the previous week. That meant a positive sign.

Moreover, Polygon’s exchange outflow recorded a surge within the past two days – another bullish signal. Though several metrics favor MATIC, some indicated otherwise. Data from Santiment confirmed the token’s development activity plummeted within the previous week, welcoming a pessimistic sign for MATIC.

Also, the alternative token could not attract increased crypto community attention despite the lucrative developments, with its social mentions recording a slump. Nevertheless, considering everything suggests things favored MATIC. Nevertheless, investor caution remains paramount when interacting with Polygon.

Also, Bitcoin can help forecast upcoming market trends. The bellwether crypto hovered beneath $20K (during this writing), dropping more than 2% within the past hour to $19,665. BTC should overcome the $20.8K hurdle for near-term upsides. That would bolster MATIC’s upward journey.

Leave a Reply

Your email address will not be published. Required fields are marked *