Examining MATIC’s future as Polygon records new ATH in key area
  • Polygon now has over 1.4 million active addresses per day.
  • MATIC price has increased over 9% in the past 24 hours.

polygon [MATIC] It has been in a new state for several weeks due to high network activity. Things got even better as key indicators hit record highs.

Meanwhile, with changing market conditions, MATIC’s price has gained bullish momentum.

Polygon network activity is increasing

Polygon has been doing well in terms of network activity, with daily active addresses exceeding the 1 million mark for several weeks.

As a result of consistency, this indicator hit a new all-time high on May 1st.

According to recent information, Tweet From Today In Polygon, daily active addresses on the blockchain reached 1.4 million.

How AMBCrypto sees Artemis data We revealed that the significant increase in active addresses had a positive impact on daily transactions, which also saw a sharp increase in transactions.

Polygon network activity was increasing

Source: Artemis

Blockchain network activity was up and running, but the situation was not good in terms of value captured. AMBCrypto found that while active addresses increased, fees decreased significantly.

As a result, blockchain revenues have also declined.

Polygon’s performance in the DeFi space was also not comparable, which was evident from the drop in TVL.

Polygon's revenue decreased

Source: Artemis

MATIC bull is here

MATIC bulls stepped up their game as the token’s price chart turned green.according to coin market capMATIC has risen over 9% in the past 24 hours.

aAt the time of writing, it was trading at $0.6944, with a market capitalization of over $6.8 billion. A possible reason behind this price hike could be increased purchasing pressure.

AMBCrypto’s analysis of Santiment data reveals that the supply of MATIC on exchanges is declining.

This occurred at a time when off-exchange supply was increasing, suggesting increased buying pressure on Polygon.

Whales’ confidence in MATIC also appears to have improved as the supply held by top addresses has increased slightly.

Buying pressure on MATIC was high

Source: Santiment

To see if Polygon can sustain this new bull run, AMBCrypto planned to take a look at the daily chart.

We see that MATIC’s Chaikin Money Flow (CMF) has registered a sharp increase and is further above the neutral mark. Similar to the CMF, the Money Flow Index (MFI) also rose northward.

read of polygons [MATIC] price prediction 2024-25

Moreover, the technical indicator MACD showed bullish dominance in the market. These technical indicators clearly suggested that MATIC is likely to remain bullish.

However, nothing can be said for sure as the Bollinger Bands indicate that MATIC’s price is entering a more volatile zone.

Source: TradingView

Related Article


Leave a Comment