After the recent successful completion of the Ethereum [ETH] Merge several other tokens benefited from it. And one of them happens to be Polygon [MATIC]. The Polygon blockchain, in the past, made several efforts to reduce its network footprint by launching the green manifesto. However, recently it announced that its network footprint had been reduced by […]
However, several on-chain metrics suggest that instead of a hike, we can expect a further drop in the coming days. Santiment’s data pointed out that MATIC’s 30-day Market Value Realized Value ratio registered a downtick. This only pointed towards some darker days ahead.
Moreover, MATIC’s volume also decreased, which in general is a bearish signal. MATIC’s net deposits on exchanges were high compared to the seven-day average, indicating higher selling pressure.Nonetheless, several metrics were also in favor of the token, giving hope for a price surge in the days to follow. Interestingly, after falling considerably in the last month, MATIC’s development activity registered an uptick last week.
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