Polygon makes major announcements; here is what you need to know

Polygon [MATIC] makes major announcements; here is what you need to know

These updates did not have an impact on MATIC’s chart, which was painted red, thanks to the bearish market trend., MATIC’s price registered a decline of more than 6% in the last 24 hours, and at press time, it was trading at $1.27 with a market capitalization of over $11 billion.For instance,revealed that the net deposits on exchanges were high compared to the 7-day average, which is a negative signal as it indicates high selling pressure.

In addition to that, MATIC’s active addresses also decreased. Thus, suggesting fewer users were participating in the network.Nonetheless, a few of the metrics were working in MATIC’s favor. The network growth remained consistently high throughout the last week. MATIC’s popularity also increased, as was evident from the spike in its social volume. Its exchange reserve was also declining, which was a bullish signal.

Interestingly, MATIC has remained popular among whales, as it recently became one of the top 2000 Ethereum whales’ most used smart contracts. Therefore, despite the current negative price action, the possibility of a trend reversal can’t be ruled out considering whales’ interest and the aforementioned updates.

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