Will MATIC continue to grow in Q4 2023?
Journalist
Posted:
- Polygon’s active addresses and transactions increased over the last seven days.
- MATIC’s price surged by over 33% last week, but a few indicators turned bearish.
Over the last few weeks, Polygon [MATIC] has registered promising gains, allowing it to recapture its lost market capitalization. Amidst this, Nansen posted an analysis highlighting the blockchain’s state during the third quarter of 2023.
A look at Polygon in Q3 2023
CoinMarketCap’s data pointed out that the blockchain’s native token had a comfortable rally last month. To be precise, the token’s price spiked by over 85% over the last 30 days.
Apart from this, Nansen also posted a tweet highlighting the blockchain’s performance during Q3 2023. The tweet revealed that Polygon has shown consistent growth last quarter with diverse collaborations and is set to amplify its impact with future developments like Polygon 2.0.
Our @0xPolygonLabs Quarterly Report is now out!
Polygon has shown consistent growth last quarter with diverse collaborations and is set to amplify its impact with future developments like Polygon 2.0
Here’s the summary which includes onchain insights and a link to the report… pic.twitter.com/nUyTz1La1t
— Nansen 🧭 (@nansen_ai) November 13, 2023
During the last quarter, daily transactions for Q3 2023 peaked at roughly 2.8 million transactions and bottomed out at about 1.9 million transactions. The count of daily active addresses on Polygon showed consistent stability, varying between 275k and 466k in Q3 2023.
The tweet also mentioned that the peak average daily gas fee for transactions on Polygon was $0.05, with gas fees ranging between $0.01 and $0.05 throughout the quarter.
How is Polygon faring in Q4 2023?
The blockchain’s Q3 performance remained robust. AMBCrypto then had a look at Polygon’s current state to better understand whether the gaining spree would continue in Q4 2023.
As per our analysis, both the blockchain’s Daily Active Addresses and Daily Transactions gained upward momentum over the last seven days. Artemis’ data revealed that a similar increasing trend was noted in terms of MATIC’s TVL, thus reflecting its growth in the DeFi space.
Source: Artemis
However, though the blockchain’s TVL and network activity increased, its captured value dropped. This was evident from the fact that MATIC’s fees and revenue dropped over the last week.
Moving on to talk about MATIC’s performance on the price front, the bulls continued to lead the market as its value surged by more than 33% over the last seven days.
At the time of writing, it was trading at $0.9593 with a market capitalization of over $8.8 billion, making it the 11th-largest crypto.
Read Polygon’s [MATIC] Price Prediction 2023-24
AMBCrypto then took a look at MATIC’s daily chart to see whether it could sustain this price pump. Polygon’s price touched the upper limit of the Bollinger Bands, which could end the token’s bull rally.
Another bearish signal was MATIC’s Relative Strength Index (RSI), which entered the overbought zone. Nonetheless, the MACD remained in the bulls’ support.
Source: TradingView
