The folks from the world of digital assets are rigorously analyzing the trends in the industry. As the business has experienced a slight pull-back following healthy numbers. As a result of which, traders are now burning the midnight oil for a thesis to stick on for greener gains. Whilst investors have been diversifying their portfolio with L-1s, L-2’s, NFTs, metaverse, and DeFi.
Buyers in town have been analyzing the foot movements of the layer-2 scaling solution Polygon, which has been caught in the side winds. Successively, protagonists have been studying the on-chain metrics of the network for the past couple of days. In order to derive the possible future trends of Polygon. On the contrary, an American Entrepreneur’s bullish outlook on Polygon brings in zeal amongst folks.
Is Polygon Network At Par With The On-Chain Metrics?
A substantial source brings to light Polygon’s on-chain analysis, from the 22nd of January to the 12th of February. Learning from the active addresses of the network, the DDA, post claiming a new high on the sixth day of the year. Has been consolidating within a wedge pattern, which would be broken as DDA breaks above. The stout developments and investments will help multiply the user count.
Coming to the daily transactions, it has been showing its stability while the ongoing accumulations. The healthy daily transaction count inculcates optimism amongst retailers. In addition, the outflow volume has been down about 65% since the past month. While the inflow volume is down 94%. The Netflow exhibits a bigger amount of MATIC moving out of exchanges.
Successively, while a delay in action has been discouraging retailers, users on Polygon are on a steady ascend. Which the proponent believes to be courtesy of games to a greater extent. That has been fueling the total addresses. Moreover, the revenue has been stabilizing to average levels, post the sunflower event. The revenue could possibly break out of the range as the funds flow in to play Gamefi.
On the contrary, American Billionaire Mark Cuban, in a recent interview has cited that he owns a good number of ETH and MATIC owing to stout utility. The billionaire investor pins a bullish outlook on the said digital assets.
Where Is MATIC Heading On The Charts?
MATIC at the time of press is changing hands at $1.71, with gains of 4.8%. Whilst the market cap of the digital asset is hovering around $11,744,648,199, the volume of trades for around the clock is at $921,403,197. MATIC price for the past 24-hours has been trading in the bandwidth from the lows of $1.60 to the highs of $1.73.
MATIC has been showing positive signs after being in a descending trendline off-late, a further dip would take it to its crucial support of around $1.46. Failing to pick up steam from the levels could further push it to levels around $1.2. MATIC will have to compound on gains to resist lower lows, in order to munch candles to its psychological resistance at $2.
Concluding, the aforementioned metrics have been distant from portraying bearish signals for Polygon. While the short-term price trajectories do seem to be worrying, the long-term is in line with the visions of the masses. The utilitarian sprawl in Web 3.0, gaming, and not to forget developmental initiatives such as Hermez 2.0. Will help Polygon chug ahead of its milestones in near future.
Source: https://coinpedia.org/altcoin/2x-gains-for-polygonmatic-price-this-q1/