Polygon's latest announcement sparked some movement for MATIC in the positive direction. Will traders help MATIC climb the price ladder?
The tweet by Polygon also stated the change of the token name to POL from MATIC. So how was this change received by traders and holders of the MATIC token? Let’s find out.
At press time, data from coinglass showed that MATIC’s long/short ratio stood at 1.02. This indicated that a higher number of traders held long positions than those who held shorter positions. This indicated that most traders believed in the long-term potential of MATIC.Furthermore, data from Santiment indicated that MATIC’s weighted sentiment did witness a rise over the last few days, however, after witnessing a tiny drop it stood at 0.708.
Additionally there was significant surge in MATIC’s social dominance as can be seen from the chart given below. However, the total amount of MATIC holders witnessed a steady rise over the last three months despite the bearish front of the market. This was a clear indication that MATIC holders were in it for the long haul.MATIC’s price trajectory in the after-hours of Polygon’s latest announcement showed that MATIC did see some improvement.