Polygon Hits New ATH in Daily Active Addresses: MATIC Bulls in Control
  • Polygon’s network activity has reached unprecedented levels, with more than 1.4 million daily active addresses, an all-time high.
  • On the other hand, buying appetite is increasing, as evidenced by a decline in on-exchange supply and an increase in off-exchange supply. What’s more, trust among the whales appears to be growing.

Polygon (MATIC) has gained a lot of attention in recent weeks due to its strong network activity, and this trend has reached a new milestone. His daily active addresses on the blockchain have consistently topped his 1 million mark over the past few weeks, hitting an all-time high on May 1st.

According to a tweet from Today In Polygon, the number of daily active addresses on the Polygon network has jumped to 1.4 million, an all-time high. Analysis of Artemis data further reveals that this significant increase in active addresses has also led to a notable spike in daily transactions, reflecting the network’s positive momentum.

Although blockchain has seen an increase in network activity, there have been worrying trends in the value captured. AMBCrypto’s analysis reveals that despite the increase in active addresses, fees have fallen significantly, resulting in a decline in blockchain revenue.

Additionally, Polygon’s performance in the DeFi sector did not meet expectations, as evidenced by the decline in Total Value Locked (TVL).

Polygon (MATIC) The bull takes control.

MATIC’s bullish momentum soared as the price chart reflected gains. At the time of writing, Polygon (MATIC) price was up 0.14% and trading at $0.7259, giving it a market cap of $7.185 billion.

Santiment data reveals that while on-exchange supply of MATIC is decreasing, off-exchange supply is increasing. This change suggests an increased desire to purchase polygons. Additionally, trust among whales seems to be growing, as evidenced by the slight increase in supply held by top addresses.

Let’s take a look at the daily chart of MATIC to determine the sustainability of this bullish trend. The Chaikin Money Flow (CMF) and Money Flow Index (MFI) both showed an upward trend, indicating growing bullish sentiment. Additionally, the MACD indicator showed a bullish trend in the market. However, Bollinger Bands hint at a decrease in volatility in MATIC prices, hinting at a potential stabilization phase.

Although MATIC’s price is below other altcoin markets, the Polygon ecosystem continues to expand further.

According to on-chain data, the majority of Polygon addresses, approximately 81.45%, currently have unrealized losses. In contrast, only 14.3% of addresses acquired MATIC at a price lower than their current market value. The data suggests that most investors are hesitant to sell at a loss, suggesting that bullish sentiment is prevalent, Crypto News Flash reported.

In a recent announcement, Robinhood, a well-known trading platform, has entered into a strategic partnership with Polygon (MATIC), marking an important milestone in the expansion of non-fungible tokens (NFTs) and the growth of stablecoins. According to the Crypto News Flash report, this collaboration was made possible with the support of the 0x project and LI.FI, as highlighted by Polygon.

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