Polygon

Daily

<p>Polygon (MATIC) appears to be underperforming<a href="https://www.newsbtc.com/analysis/solana-price-sol-climbs-185/"> compared to the broader market</a>, where most of the attention is directed toward other <a href="https://www.newsbtc.com/bitcoin-news/is-bitcoin-poised-for-a-breakout-100k-call-options-signal-big-expectations/">major cryptocurrencies</a> with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to <a href="https://bitcoinist.com/polygon-matic-migrate-to-pol/" rel="nofollow">recent announcements </a>concerning the migration of Polygon’s MATIC token to the new POL tokens.</p> 
<h2 id="polygon-network-activity-hits-yearly-high">Polygon Network Activity Hits Yearly High</h2> 
<p>According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend.</p> 
<p>A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has <a href="https://bitcoinist.com/altcoins-fresh-address-activity-santiment-reveals/" rel="nofollow">been on a steady decline</a> since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity.</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-630907" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Polygon.png?w=460&amp;resize=460%2C155" alt="Polygon" width="460" height="155" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Polygon.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Polygon.png?w=460&amp;resize=460%2C155 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<h2 id="matic-price-analysis">MATIC Price Analysis</h2> 
<p>At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark.</p> 
<p>Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has<a href="https://www.newsbtc.com/analysis/matic-analysis/matic-targets-0-5030-as-bearish-pressure-halts-recent-uptrend/"> made many attempts</a> to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price.</p> 
<p>MATIC’s <a href="https://www.newsbtc.com/news/bitcoin/83-all-bitcoin-holders-60000/">profitability count</a> is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade.</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-630908" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Polygon-2.png?w=460&amp;resize=460%2C98" alt="MATIC" width="460" height="98" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Polygon-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/07/Polygon-2.png?w=460&amp;resize=460%2C98 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
<p>The mainnet upgrade from MATIC to POL is slated to take place in September. The <a href="https://www.newsbtc.com/news/polygon-announces-date-for-matic-to-pol-token-upgrade-price-drops-7/">anticipation </a>surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/VSlkkBb8/" alt="Polygon MATIC price chart from Tradingview.com" width="3286" height="1518">

Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Table of Contents

NewsBTC

Other articles published on Jul 22, 2024

3 Less-Known Altcoins That Can Turn $100 into $100,000 This Bull Run

Comparative analysis of long-term and short-term memecoins

Is Arweave Price Ready To Take A Big Leap Towards The $50 Level?

Ripple CEO Expects Legal Battle With SEC to Be Over 'Very Soon,' Robert Kiyosaki Shares Best Time...

CoinShares Reports $1.35 Billion Inflow in Digital Assets Amid Market Shifts

Bitcoin Conference 2024: Full Agenda & Key Highlights Of Nashville Event

Join our free newsletter for daily crypto updates!