Polygon [MATIC] has failed to paint its chart green, sparking fear among investors, while the blockchain's network activity increased
Polygon’s daily active addresses and transactions have surged over the last seven days, while MATIC’s price plummeted by more than 8%.has failed to paint its chart green, which has sparked fear among investors. The token’s price action remained southward, while the PoS blockchain’s network activity gained upward momentum.A closer look at MATIC’s on-chain activity shed light on what was restricting the token’s value from moving up.
Thanks to the rise in users, the blockchain’s daily transactions also spiked by 20% during the same period, suggesting an increase in network activity., not only did Polygon’s network activity rise, but a similar trend in increment was also noted in terms of the blockchain’s revenue and DEX volume.’s social volume remained high, but most of the mentions might have been bearish. This seemed to be the case as Polygon’s Weighted Sentiment sank over the last few days.
However, while selling pressure was high, the scenario might change as MATIC’s stochastic went into the oversold zone. This could cause a trend reversal and, in turn, help MATIC’s price. But other metrics remained bearish. Notably, MATIC’s Binance Funding Rate was green, meaning that derivatives buyers were purchasing the token at a lower price at the time of writing.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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