Polygon

On March 24, the metric Polygon [MATIC] saw a massive surge in transactions, surpassing $40 million in value. MATIC was the only top-10 cryptocurrency to register these figures. In addition to Polygon, Fetch [FET] and The Sandbox [SAND] experienced similar growth. It was also interesting to note that whale MATIC accumulation was increasing. According to Santiment&#39;s chart, the supply of MATIC held by top addresses increased over the last week, reflecting investors&#39; confidence in the token.Not only did whales accumulate more MATIC, but they also grew in other ways. For example, Dune&#39;s chart showed that MATIC&#39;s unique users were increasing, indicating increased network usage and adoption. Though there were several factors contributing to this growth, one of them is MATIC&#39;s recent partnership with Immutable, a leading Web3 gaming platform.While the number of unique addresses was increasing, NFT sales were decreasing. MATIC&#39;s NFT sales volume fell by more than 38% in the last seven days, according to CRYPTOSLAM&#39;s chart. Furthermore, after peaking in late February 2023, MATIC weekly volume on Polygon marketplaces fell precipitously.Despite the NFT ecosystem&#39;s decline, Polygon Daily, a popular Twitter handle that posts updates on the network&#39;s progress, tweeted about the most traded NFT collection on OpenSea. According to the tweet, CollectTrumpCards topped the list once again, followed by The Sandbox and Lens Protocol.In terms of on-chain performance, things were looking up for MATIC. For example, MATIC&#39;s exchange reserve fell, indicating less selling pressure. The supply of the token outside of exchanges has also increased, which is a typical bull signal.MATIC&#39;s network growth remained high last week as a result of the massive surge in transactions, indicating that more new addresses were used to transfer MATIC. Furthermore, more tokens were transferred among multiple addresses, as evidenced by MATIC&#39;s spiking velocity on March 21.Despite the fact that the metrics were fine, MATIC&#39;s price action has recently turned bearish. According to CoinMarketCap, the token&#39;s price has dropped by more than 1.8% in the last 24 hours. It was trading at $1.11 at the time of writing, with a market capitalization of more than $9.6 billion. Polygon&#39;s daily chart also suggested a bearish outlook and further price decline.The MACD indicated that a bearish crossover was possible. MATIC&#39;s Relative Strength Index (RSI) fell slightly, indicating a bearish trend. The Bollinger Band results showed that MATIC&#39;s price was in a less volatile zone, reducing the likelihood of a northbound breakout in the near term.The token&#39;s Money Flow Index (MFI) remained bullish, moving above the neutral level. When combined with the upcoming zkEVM launch, a trend reversal cannot be ruled out.

Polygon [MATIC] Sees Uptick in These Metrics, What Does the Future Hold

ItsBitcoinWorld

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