Polygon: Can this achievement catapult MATIC prices to the moon
- Both MATIC’s fees and revenue dropped last month.
- MATIC was up by over 3% in the last 24 hours, and metrics looked bullish.
After days of sideways price movement, Polygon [MATIC] finally managed to turn its chart green with gains. Meanwhile, one of the blockchain’s key metrics increased, making it second only to the king of alt coins, Ethereum [ETH].
Is Polygon’s revenue on the rise?
Today In Polygon recently posted a tweet highlighting one of Polygon’s latest achievements. As per the tweet, Polygon had the second highest number of “super user DEX swappers” in 2023, only behind Ethereum.
For starters, super users are users who have made more than 100 on-chain transactions.
NEW: Polygon had the second highest number of “super user DEX swappers” in 2023, only behind Ethereum.@flipsidecrypto defines super users as users who made more than 100 onchain transactions. pic.twitter.com/HrsdNZHurn
— Today In Polygon (@TodayInPolygon) January 26, 2024
To understand whether the blockahin’s DeFi sector was growing, AMBCrypto checked Artemis’ data. We found that after a considerable spike, the blockchain’s TVL moved downwards in the recent past.
A similar trend was noted in terms of Polygon’s captured value. This was evident from the fact that MATIC’s fees and revenue somewhat dropped over the last few weeks.
Source: Artemis
While that happened, the blockchain’s network activity did increase. As per the latest data, MATIC’s daily active addresses gained upward momentum, but its daily transaction count remained low, which was surprising to see.
MATIC’s response is bullish
Though the blockchain’s network activity looked dicey, MATIC’s price action gained bullish momentum. According to CoinMarketCap, MATIC was up by more than 3% in the last 24 hours.
At the time of writing, MATIC was trading at $0.7607 with a market capitalization of over $7.3 billion.
While the token’s price moved upward, buying pressure on MATIC also surged.
AMBCrypto’s analysis of Santiment’s data revealed that Polygon’s supply on exchanges dipped last week. At the same time, its supply outside of exchanges spiked, meaning that buying pressure was high.
This can be interpreted as a bullish signal, indicating a possible continued northward price movement in the days to follow.
Source: Santiment
To better understand whether the uptrend would last, AMBCrypto took a look at MATIC’s daily chart.
Our analysis revealed that Polygon’s MACD displayed the possibility of a bullish crossover. On top of that, MATIC’s Relative Strength Index (RSI) rebounded from the oversold zone, suggesting a further price uptick.
Read Polygon’s [MATIC] Price Prediction 2024-25
A similar uptick was also noted on the blockchain’s Money Flow Index (MFI) chart.
Considering the aforementioned metrics, despite the drop in captured value, the chances of MATIC sustaining its price uptick looked pretty high.
Source: TradingView
