Polygon has been grabbing the headlines in recent days. Its native token MATIC has been pushing towards the $1 resistance with all force. The development updates on Polygon provided a solid foundation for MATIC to flourish in. Now, on-chain metrics are suggesting that $1 could be the very next target. And upwards we go The […]
Data-dive
Key metrics on Polygon are clearly in favor of bullish momentum. The MVRV ratio , at press time, was touching a monthly high of 58.4%. This is further suggestive of the profitability of MATIC traders in the short-term scenario.Historically speaking, wherever the whales go the sharks follow suit. As we can see from the data below, whale transactions on Polygon are starting to pick up gradually. This could be a good sign for MATIC’s long-term holders.
This is a direct result of the development activity and price surge which has added to the celebrations of the community.Can MATIC hold its fort even when the temporary rally loses pace? Well, only time can answer. As of this writing, the transaction volume on the Polygon network was 70% high since the last day. This shows MATIC reaching $1 could be a reality soon. But a pattern of consistency must be built to break through the current resistance.Subscribe to get it daily in your inbox.
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