Nailwal will steer the Polygon Foundation as it shuts down zkEVM, doubles down on PoS, and plots a return to Ethereum scaling dominance.
Polygon’s price action over the past week has been characterized by a moderate pullback following what initially appeared to be a decisive breakout above the $0.20 level. This dip, rather than signaling weakness, may in fact represent a healthy retracement as the cryptocurrency prepares for a new upward move. The price structure appears bullish on higher timeframes, especially after POL recently rebounded off the lower boundary of a long-term descending channel. According to a crypto analyst, Polygon could be on the verge of an explosive rally toward the $1 mark. Classic Bullish Divergence Points To Imminent Breakout According to technical analyst MasterAnanda on TradingView, the Polygon ecosystem token (POLUSDT) is currently flashing one of the strongest technical reversal signals in the form of a textbook bullish divergence on the 3-day chart. Price action hit a new low on April 7, 2025, but the Relative Strength Index (RSI) had already bottomed earlier in July 2024 and has since been forming higher lows. Related Reading: Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears As noted by the analyst, this mismatch between the price and the momentum indicator is a classic signal that the downtrend may be losing steam. The signal is reinforced by the recent increase in volume and the broader bullish recovery observed across the cryptocurrency market. Zooming in on the 3-day chart structure, POLUSDT experienced a notable rebound after reaching its low on April 7. The price climbed steadily to $0.267 by April 22 before encountering resistance. What followed were two successive bearish candlesticks that appeared to trace a measured pullback, likely a retest of the upper boundary of the descending channel. This movement is significant because retests of this nature often precede major breakouts. Keeping this in mind, the analyst predicted a successful bounce from the trendline support, which could start a sustained rally toward $1. Polygon To $1: Window Of Opportunity Narrowing Analyst MasterAnanda noted that the current price action is merely a calm before a massive move. “The market is giving us one last chance to buy all we want before massive growth,” the analyst said, implying that a strong impulsive wave could be next. The RSI is currently in the mid-40s, and if the bullish setup plays out, a swift move to the 70+ zone could occur. Related Reading: Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5 In terms of a price target, the analyst predicted a full recovery above $1 with a specific target of $1.15. This would mark a full recovery for POL holders who have been holding throughout the downturn in 2025. This level corresponds to the 1.618 level on the Fib extension projected from the April 7 low. The Fibonacci extension levels plotted on the chart show other smaller price targets on the way to $1.15. Most notable are the $0.461 and $0.534 regions, representing the 0.5 and 0.618 extension levels, respectively, which could serve as interim consolidation zones. At the time of writing, Polygon is trading at $0.2420. Featured image from Adobe Stock, chart from Tradingview.com
MATIC price is showing positive signs from the $0.580 zone. Polygon is rising and might gain bullish momentum above the $0.70 resistance. MATIC price started a fresh increase above the $0.620 level against the US dollar. The price is trading above $0.650 and the 100-hour simple moving average. There was a break above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.680 and $0.700 resistance levels. Polygon Price Aims Higher After forming a base above the $0.5750 level, Polygon’s price started a fresh increase above the $0.600 pivot level. MATIC is moving higher above the $0.620 level, like Ethereum and Bitcoin. There was a move above the $0.650 level. Besides, there was a break above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair. The pair tested the $0.680 resistance zone. It is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $0.5715 swing low to the $0.6800 high. MATIC is trading above $0.650 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.680 zone. The first major resistance is near the $0.70 level. If there is an upside break above the $0.70 resistance level, the price could continue to rise. The next major resistance is near $0.750. A clear move above the $0.750 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.780 level or $0.80. Another Dip In MATIC? If MATIC’s price fails to rise above the $0.680 resistance level, it could start another decline. Immediate support on the downside is near the $0.650 level. The main support is near the $0.6250 level or the 50% Fib retracement level of the upward move from the $0.5715 swing low to the $0.6800 high. A downside break below the $0.6250 level could open the doors for a fresh decline toward $0.60. The next major support is near the $0.5750 level. Technical Indicators Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $0.6500 and $0.6250. Major Resistance Levels – $0.6800 and $0.7000.
Polygon (POL) hit its four-month high today following its 11% daily surge. The cryptocurrency surpassed the $0.60 mark before retracing, sparking a bullish sentiment among investors and market watchers. As a result, a renowned crypto analyst predicted a massive 2,500% rally for POL in the coming months. Related Reading: Toncoin (TON) Rebounds Above $6: Is A Sustainable Rally In Sight? Polygon On-Chain Metrics Turn Bullish Polygon has seen a remarkable performance over the past three weeks, rising around 107% since the November 5 market pump. POL, previously MATIC, has seen its price move from below the $0.30 mark to a four-month high of $0.61. This performance has been fueled by several factors, which have propelled the token’s price by nearly 40% in the last seven days and could stage “one of the most hated rallies,” as Ali Martinez shared on X. The analyst explained that Polygon has been experiencing an “important spike in on-chain metrics” over the last week, which could drive POL’s price to a “wild” price action in the future. Martinez noted that a lot of investors hold Polygon from the previous cycle, where the project’s token hit its all-time high (ATH) of $2.92. However, most of them record losses since only 15.11% of Polygon holders are in the green. Per the post, this is a positive sign for POL’s price action, as most of its investors won’t sell for profit at the current price ranges. The analyst added that on-chain data suggests a new wave of investors are positioning themselves for the rally’s second leg. This was signaled by the recent increase in daily active addresses, transaction volume, and whale activity. POL’s daily trading volume has recorded a 190% increase in the last week, jumping from the $250 million mark to $736 million. Additionally, whales bought over 140 million POL, now worth around nearly $80 million, in the last week and a half, with large-scale purchases significantly increasing since November 5. POL To Hit $15 This Cycle? Martinez suggested that with the whales’ buying spree and the reduced selling pressure, the POL “technicals look very good.” To him, the cryptocurrency is nearing a breakout from a multi-year descending triangle. The analyst explained that Polygon has been consolidating in a descending triangle formation since hitting its ATH almost three years ago. Nearly a week ago, the token “bounced off the triangle’s x-axis,” and had its Moving average convergence/divergence (MACD) “on the verge of a bullish crossover.” This suggested that while sentiment remains overall bearish, “bullish signals are piling up,” indicating a potential rally toward a new ATH. Related Reading: Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance Based on this, Martinez predicted that POL’s breakout could potentially lead to a 2,500% rally in the coming months. A weekly close above $0.7973 could spark a rally to $15.27, he detailed, adding that it could also ignite a 6,200% jump to $36.17. The analyst added that the most important support wall for POL was between the $0.375 and $0.386 price range, broken over a week ago, with little resistance in the higher levels. As of this writing, POL is trading at $0.58, a 75% increase in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
According to the latest Binance Research report, the Ethereum (ETH) issuance rate continued to rise in September 2024, raising concerns about the digital asset’s “ultrasound money” claim. Ethereum Issuance Rate Continues To Surge In its October 2024 Monthly Market Insights report, Binance Research highlighted that the ETH issuance rate continued its ascent in September, moving away from its previously deflationary status. Related Reading: Is Ethereum Primed For Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally The second largest digital asset by reported market cap had a 30-day annualized inflation rate of approximately 0.74%, a level not observed in the last two years. The sharp uptick in ETH supply inflation has questioned its “ultrasound money” positioning. Interestingly, the term “ultrasound money” draws inspiration from Bitcoin’s (BTC) “sound money” narrative. While BTC’s supply is capped at 21 million, ETH’s supply can become deflationary, theoretically increasing scarcity and protecting it from inflation-driven erosion of purchasing power. Ethereum’s high issuance rate could be attributed to several factors, including low mainnet on-chain activity, leading to a low transaction fee and, consequently, lower ETH burn rates. In 2021, Ethereum core developers implemented EIP-1559, which introduced a fee-burning mechanism that aimed to reduce ETH’s circulating supply, thereby creating deflationary pressure on the token. However, with declining mainnet activity, the amount of ETH being burned is lagging behind the ETH issuance rate, leading to a net inflationary trend. Notably, September 2024 experienced one of the lowest ETH burn rates since the highly anticipated Merge event, when Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Ethereum Layer-2 Solutions To Blame For Low ETH Burn Rate? The report points to March 2024 as the starting point of Ethereum’s inflationary trend, following the implementation of EIP-4844 or the Dencun upgrade, which reduced transaction costs on layer-2 scaling platforms such as Optimism (OP), Arbitrum (ARB), Base, and Polygon (MATIC). The report adds: As L2s cannibalized network activity throughout the year – further impacted by broader market conditions – transaction fees and, consequently, burned fees on Ethereum declined, with September recording one of the lowest levels since the Merge. This has prevented ETH from decreasing in supply to remain deflationary, leading to the net positive daily supply changes we now see. Recent trends corroborate the assertion above, as network activity on layer-2 solutions grows across different metrics. For instance, a report in July 2024 noted that daily active addresses and transaction volume on Polygon had soared significantly. Related Reading: Ethereum Solo Staking Made Easier? Vitalik Buterin Supports Lower Entry Requirements Similarly, decentralized finance (DeFi) activity on Arbitrum increased earlier this year when decentralized exchange (DEX) Uniswap surpassed $150 billion in total swap volume on the network. Another report found that over 48% of digital assets bridged from the Ethereum network end up on Arbitrum, indicating users’ high trust in the layer-2 network’s robust security and reliability. ETH trades at $2,385 at press time, up 1.7% in the past 24 hours. Featured image from Unsplash, charts from Binance Research and Tradingview.com
The integration of Fabric Cryptography’s Verifiable Processing Units promises faster, more secure transactions on Polygon’s AggLayer.
MATIC is under mounting bearish pressure as it continues its downward slide, drawing closer to a critical support level at $0.3132. A break below $0.3132 could open the door to additional losses, signaling a deeper bearish trend ahead. With the market sentiment turning increasingly negative, speculations are whether the bears can push the price beyond this vital support zone or if the support will hold firm against the downward momentum. As MATIC hovers near the crucial $0.3132 support level, this article aims to analyze its current price action by examining key technical indicators and market sentiment. It explores the potential outcomes if MATIC breaches this level and what this could mean for the cryptocurrency’s future trend. Current Market Overview: Bearish Sentiment Dominates On the 4-hour chart, after successfully breaking below the $0.5030 mark, MATIC has continued to build negative momentum dropping under the 100-day Simple Moving Average (SMA) as it moves toward the $0.3132 support level. The digital asset has maintained a consistent downward trend, indicating that the bears remain firmly in control and could drive the price even lower if the selling pressure persists. Additionally, the 4-hour Relative Strength Index (RSI) shows that the signal line is well below the 50% threshold, situated at 33%. A sustained RSI reading below 50% suggests that the downward trend could continue, reinforcing the likelihood of additional declines as bearish sentiment remains strong. Related Reading: Polygon (MATIC) Breakout Could Propel Price To $1 In Days: Crypto Analyst On the daily chart, MATIC is also exhibiting significant pessimistic movement as it trades below both the 100-day Simple Moving Average (SMA) and the $0.3132 support level. The formation of multiple bearish candlesticks underscores the prevailing negative sentiment and suggests that downbeat pressure remains dominant. This persistent drop indicates that the bears are maintaining control, and without a shift in momentum, MATIC may face further declines. Finally, on the 1-day chart, the RSI signal line has significantly dropped below the 50% threshold, currently sitting at 34%. This sharp decline below the 50% mark suggests a strong downside sentiment and pressure if the trend continues. A Breakout Or Breakdown Ahead For MATIC? As MATIC hovers near the $0.3132 support level, two primary scenarios are unfolding. Should the price hold above this level, it could signal a bullish reversal, targeting higher resistance levels such as $0.5030 or beyond. Conversely, a break below $0.3132 could exacerbate the bearish trend, leading to deeper declines toward the next support zone. Related Reading: MATIC: Market Nosedive Leads To 30% Wipe In Value MATIC is trading around $0.372, marking a 1.11% decline, with a market capitalization of over $1.7 billion and a trading volume exceeding $170 million, as of the time of writing. Also, in the past 24 hours, MATIC’s market cap has decreased by 1.25%, and its trading volume has dropped by 35.49%. Featured image from Adobe Stock, chart from Tradingview.com
According to the CEO of Polygon Labs, POL has evolved into a “hyperproductive” token, enabling the community to engage more effectively in the network’s growth.
The migration from POL to MATIC will also bring in some tokenomics changes with a new emission rate of 2%.
On-chain activity for the Ethereum layer-2 network has picked up recently, but token prices remain at deep bear market levels.
MATIC price is showing positive signs from the $0.3920 zone. Polygon is rising and might gain bullish momentum above the $0.4220 resistance. MATIC price started a fresh increase above the $0.410 level against the US dollar. The price is trading above $0.4120 and the 100-hour simple moving average. There is a key rising channel forming with support at $0.4125 on the hourly chart of the MATIC/USD pair (data source from Kraken). The pair could gain bullish momentum if it clears the $0.4220 and $0.4250 resistance levels. Polygon Price Aims Higher After forming a base above the $0.3920 level, Polygon’s price started a fresh increase above the $0.400 pivot level. MATIC is moving higher above the $0.4100 level and beating Ethereum and Bitcoin. There was a move above the $0.4120 level. The price climbed above the 50% Fib retracement level of the downward move from the $0.4317 swing high to the $0.3922 low. There is also a key rising channel forming with support at $0.4125 on the hourly chart of the MATIC/USD pair. MATIC is trading above $0.4150 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.4220 zone. It is close to the 76.4% Fib retracement level of the downward move from the $0.4317 swing high to the $0.3922 low. The first major resistance is near the $0.4250 level. If there is an upside break above the $0.4250 resistance level, the price could continue to rise. The next major resistance is near $0.4450. A clear move above the $0.4450 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.4620 level or $0.480. Another Dip in MATIC? If MATIC’s price fails to rise above the $0.4220 resistance level, it could start another decline. Immediate support on the downside is near the $0.4150 level. The main support is near the $0.4120 level and the channel trend line. A downside break below the $0.4120 level could open the doors for a fresh decline toward $0.40. The next major support is near the $0.3920 level. Technical Indicators Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level. Major Support Levels – $0.4150 and $0.4120. Major Resistance Levels – $0.4220, $0.4250, and $0.4450.
MATIC bulls fumbled the bag after the market panic that turned the correction phase into a nosedive. The latest market data shows MATIC took a beating with a 33% wipe in value since last week. Hostile market environment and macroeconomic fears continue to plague the broader financial world. Related Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up The crypto market was not spared. The whole market depreciated by almost 17% in the past 24 hours, marking a period of strong bearish pressure. Despite the overwhelming downward trajectory the market has taken, on-chain developments continue that might slow the bearish wave, but it will take time before the price mediates back to realistic levels. More Developments Polygon’s position continues to solidify as it marks several developments that improve user experience on the platform. Messari, an independent crypto research platform, recently released its report, providing an overview of the Polygon ecosystem. In summary, the report notes several developments in the platform that occurred within the 2nd quarter of the year. Primarily, the community has reached a consensus on upgrades that will positively affect the network’s usability and performance. One of these will be the switch from MATIC to POL, which is scheduled to occur on September 4th. To attract devs to Polygon, the platform created a $1 billion Community Grants Program (CGP), supporting devs and builders of Polygon financially. According to a June blogpost, Season 1 of the CGP will feature a 35 million MATIC pool which is roughly equivalent to $12.9 million using today’s prices. Uniswap has also launched its Uniswap v3 campaign on Polygon with other $250k in rewards on Oku, a crypto trading platform. This will boost investor confidence in the platform as it shows that despite hostile market conditions, Polygon remains a major player in the DeFi space. This is seen in the current metrics the platform is running on. Nansen’s data shows an increase in active addresses and transactions in the past 24 hours, a great indicator of growth activity if it wasn’t for the air of bearishness surrounding the market. DefiLlama, on the other hand, shows the other side of the coin with major outflows on all chains under the Polygon ecosystem. MATIC: More Pain On The Way For Investors? As the market continues its painful descent, investors are poised to let go of their MATIC holdings. Recent market data shows that investors are rushing to exchanges to sell rather than hold and ride the bearish wave. This can be seen in MATIC’s price which continues to test the $0.339 support level. Related Reading: Solana (SOL) Poised For Major Upswing, Analyst Forecasts $328 The market overreaction caused by cascading fears within the broader financial spectrum remains to threaten any future bullish action. As of the moment, MATIC is down to March 2021 levels, a new low after 2024’s early bull runs led by major cryptocurrencies like Bitcoin and Ethereum. Investors and traders should evaluate their positions to remain in the green. If possible, they can try to take advantage of the situation by shorting the token. Featured image from Pexels, chart from TradingView
Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token. Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders. The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors. Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin. Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygon’s recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5. At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange. The Ripple Chief in his criticism of the SEC’s strategy charged that the regulatory […]
Layer 2 scaling solution Polygon has maintained strong network activity even as the broader cryptocurrency market and its native token, MATIC, experienced a downturn in the second quarter of 2024, according to a new report from market intelligence platform Messari. Polygon Weathers Crypto Market Downturn While MATIC saw a 44.3% drop in its circulating market cap to $5.5 billion over the quarter, placing it as the 20th largest crypto asset (currently at the 26th position), the protocol’s on-chain metrics remained strong. This is in contrast to larger cryptocurrencies such as Bitcoin and Ethereum, which saw their market capitalization decline by 12% and 6%, respectively, over the same period. Related Reading: Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch? The key driver behind Polygon’s stability in network performance during the second quarter of the year, according to Messari, was the implementation of Ethereum Improvement Proposal (EIP) 4844 on the Polygon mainnet in Q1 2024. This upgrade, which introduced “blobs” to the network, significantly reduced the average transaction fee on Polygon from $0.017 to just $0.01, resulting in a decrease of 41.1%. As a result, Polygon’s revenue derived from network transaction fees fell 40.6% to $4 million in Q2 2024. However, this drop was not due to a decrease in user activity, but rather the lower fees enabled by EIP-4844. In fact, Polygon’s user metrics continued to soar, with the protocol seeing strong growth across several key indicators. On-Chain Activity And Ecosystem Growth According to the report, the average number of daily active addresses climbed to 1.2 million, a 47.6% increase quarter-over-quarter (QoQ). The average number of daily returning addresses rose even more, up 50.5% to 1 million. Moreover, new addresses being added to the network grew by 31.7% to 167,800 per day on average. The report also notes that Polygon’s transaction volume also held steady, averaging 4.1 million daily transactions, just below its all-time high and representing a 3.9% increase from the prior quarter. In comparison, fellow Layer 2 networks Arbitrum (ARB) and Base saw average daily active addresses of 545,000 and 528,000 respectively. Related Reading: Crypto AI Token RENDER Soars 15.6% After Rebrand, Can It Hit $10? While Polygon’s decentralized finance (DeFi) total value locked (TVL) dropped 22.9% to $1 billion, this was largely attributable to the decline in MATIC’s price rather than a net outflow of capital. Messari reported that TVL denominated in MATIC actually increased by 38.1% to 1.8 billion tokens. However, DeFi protocols on Polygon saw mixed results, with Aave, Uniswap, and SushiSwap all experiencing declines in TVL ranging from 13% to 25%. Quickswap saw the largest drop at 35%. Lastly, Polygon’s non-fungible token (NFT) market also remained stable, with average daily NFT volume dipping slightly by 5.7% to $1.8 million. However, the number of daily NFT sales actually increased by 1.8% to 52,000, underscoring ongoing collector interest. At the time of writing, MATIC has experienced a mere 5% increase to a trading price of $0.512, after hitting a 2-year low of $0.428 on July 5th. Coupled with this worrying price action, the token has seen a 30% decrease in trading volume over the past few days, amounting to $197 million, according to CoinGecko data. All of this has resulted in an 82% difference to MATIC’s all-time high of $2.91, which was set during the 2021 bull run. Featured image from Shutterstock, chart from TradingView.com
Shiba Inu, a dog-themed memecoin is in the spotlight as trillions of SHIB were reportedly stolen in a recent cybersecurity breach with the leading India-based cryptocurrency exchange, WaxirX. Reacting to the incident, Shiba Inu team member and marketing head, Lucie, in a heartfelt message has expressed her condolences to the SHIB holders affected by the […]
Ethereum layer-2 network Polygon said it would upgrade its native MATIC token to the POL token on Sept. 4, according to a July 18 statement shared with CryptoSlate. In the first phase of this upgrade, POL will replace MATIC as the native gas and staking token for the Polygon proof-of-stake chain. The Polygon team assured […]
The post Polygon set to replace MATIC with innovative POL token this September appeared first on CryptoSlate.
Polygon (MATIC), which is the Layer-2 scaling solution for Ethereum, is currently experiencing an unusual circumstance. Although there has been a significant increase in the amount of network activity, the price of the cryptocurrency continues to be uncertain. Both a potential technical breakthrough and a persistently negative mindset are preventing it from moving forward. Related Reading: Mass Adoption? NEAR Protocol Sees 17 Million Unique Addresses In 30 Days Polygon: Can Active Addresses Raise The Bar? Polygon’s network was humming on July 8th, with an astounding 1.18 million active addresses. For the same period, this easily outpaced Ethereum (365K) and Bitcoin (594K). The increase in user activity stoked expectations of a positive breakout, especially as MATIC was trading over a crucial $0.50 barrier level. Co-founder of Polygon Mihailo Bjelic excitedly provided this statistics, emphasising the increasing use of the network. Some cryptocurrency fans, meanwhile, were quick to label this as a “vanity metric.” They contended that robust economic fundamentals or important transactions are not always correlated with raw address count. Number of active addresses (24h): Polygon: 1.18M Bitcoin: 594k Ethereum: 365k Not too shabby, I guess.. — Mihailo Bjelic (@MihailoBjelic) July 8, 2024 Although resistance lingers, the falling wedge pattern suggests a breakout. Taking into consideration the technological aspects, it seems that things are getting better for MATIC. As the token has been moving in a falling wedge formation, which is commonly seen as a sign that an upswing in the market is about to occur, the pattern has been observed. In addition, as a result of a recent spike in price, MATIC came dangerously close to crossing the threshold of $0.50 for a brief while. It is probable that this is an indication of a future breakout, particularly if the volume of trade grows. MATIC market cap at nearly $5 billion today. Chart: TradingView.comBut the bulls are up against an unyielding obstacle. As the mark has shown to be a strong resistance level in the past, a clear break above it is essential to the validation of the falling wedge breakout. Moreover, the general mood of the market is still biassed towards the bears. At the time of writing, MATIC was down 10% in the weekly timeframe, data from Coingecko show. Bullish Binance, But Can They Move The Market? Meanwhile, the biggest cryptocurrency exchange in the world, Binance offers some optimism. When it comes to MATIC, Binance, users seem to be far more optimistic than the whole market. With a solid long to short position ratio of 3.2052, they appear to have a high conviction in the potential of MATIC going forward. Related Reading: XRP Stages A Comeback: Aims To Reclaim $0.50 After Recent Plunge It’s encouraging to see such strong enthusiasm on a significant exchange. But it’s not clear if it will be sufficient to counter the general pessimism. For MATIC, the next several days will be critical. A falling wedge breakthrough might occur if it can generate enough volume to break over the $0.50 barrier and maintain the momentum. But if the barrier holds and the bearish attitude persists, MATIC can experience more downside pressure. Featured image from cryptodnes.bg, chart from TradingView
The crypto community has raised the alarm about an ongoing phishing scam targeting investors after scammers posing as crypto exchange Coinbase successfully drained nearly $2 million over the weekend. The scam is reportedly related to the CoinTracker security breach from 2022. Related Reading: Bitcoin Takes A Beating: Mt. Gox Distribution Spooks Investors $1.7 Million Drained […]
Polygon (MATIC), a Layer-2 scaling solution for the Ethereum blockchain, finds itself in a curious position. Recent data from Messari paints a picture of a network brimming with activity – daily active addresses surging nearly 120%, new user sign-ups exploding by 70%, and daily transactions reaching a staggering 4 million. Yet, beneath this bustling surface lies a troubling undercurrent: a 19% drop in quarterly revenue compared to the previous quarter, and a hefty 40% decline year-over-year. Related Reading: Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets Polygon: A Network On Fire Polygon’s user base is clearly smitten. The first quarter of 2024 witnessed a land rush, with new addresses flocking to the network at an unprecedented rate. This surge in user adoption translated into a transaction frenzy, with daily interactions on the platform quadrupling. The decentralized finance (DeFi) sector on Polygon also thrived, with the total value locked (TVL) in DeFi projects climbing 30% compared to the previous quarter. The non-fungible token (NFT) ecosystem on Polygon also got a shot in the arm, with sales volume rising by nearly 20%. The Revenue Riddle So, why the long face amidst the celebratory confetti? The answer lies in Polygon’s dwindling revenue stream. Despite the exponential growth in activity, the network’s coffers are taking a hit. The $7 million earned in Q1 2024 pales in comparison to the $10 million and $12 million raked in during the previous quarter and the same period last year, respectively. This disconnect between booming activity and declining revenue is the million-dollar question that has analysts scratching their heads. MATIC market cap currently at $6.8 billion. Chart: TradingView.com Fee Fiasco Or Funding Flux? There are two main suspects behind this revenue paradox. The first culprit could be Polygon’s transaction fee structure. Perhaps, in a bid to attract more users, the network lowered its fees to an extent that, despite the massive increase in transactions, the overall revenue generation suffered. Another possibility lies in a potential shift in Polygon’s revenue sources. Maybe there was a decline in income from a specific source, such as grants or partnerships, that wasn’t adequately compensated for by growth in other areas. Related Reading: Can DEX Boom Save Cardano? ADA Seeks Recovery As Trading Activity Surges Christian Encila Christian Encila 22 hours ago 2 mins read What Lies Ahead Polygon faces a critical juncture. The network’s ability to attract users and foster a vibrant DeFi and NFT ecosystem is undeniable. However, if it fails to address the revenue conundrum, its long-term sustainability could be at risk. Moving forward, transparency from Polygon regarding its fee structure and revenue streams will be crucial in assuaging investor concerns. Additionally, exploring alternative revenue models, such as offering premium services or strategic partnerships, could be the key to unlocking Polygon’s full financial potential. Featured image from Zameen.com, chart from TradingView
For a while now, the price of MATIC has been in a consolidation zone, moving between $0.7730 and $0.6233, forming a bearing triangle flag in the process. This is a result of the drop from its high of $0.9288 that happened days ago which led to MATIC dropping by over 25%. Although the price of MATIC is still consolidating, it is building up momentum for a potential breakout. So taking a trade at this point is not advisable until a breakout occurs which can be either above the consolidation zone or below it. In this article, we will dive into the possible price actions when a potential breakout from the consolidation occurs. Lately, MATIC’s price and market cap have dropped, suggesting that the bulls may be waiting out this spike. As of the time of writing, MATIC’s price was down by 2.97%, trading around $0,6926 below the 100-day Simple Moving Average (SMA) in the last 24 hours. Its market capitalization has decreased by over 5% in the past day to $6.91 billion. Meanwhile, its trading volume has risen to $374 million, indicating a more than 1% increase in the past day. MATIC On The 4-hour Chart Looking at the 4-hour timeframe chart, MATIC is attempting to break below the 100-day moving average, suggesting that prices might break below the consolidation zone and move bearishly. Also, using the Relative Strength Index (RSI) to analyze the price action in the 4-hour timeframe, we can see that the RSI line has crossed below the 50% level, heading toward the oversold zone, suggesting that the price might break below the consolidation zone. Meanwhile, in the daily time frame, it can also be observed that the price attempts to break below the bearish triangle out of the consolidation zone below the 100-day simple moving average. The 1-day RSI also suggests that the price of MATIC might break below the consolidation as the RSI signal line has broken below the 50% level and is heading toward the oversold zone. Specifically, this indicates that sellers weaken buyers in the market. With this strength of the sellers in the market, MATIC will continue to move downward when there is a break out below the consolidation zone. Potential Price Actions In The Event Of A Breakout Conclusively, if there is a break out above the consolidation zone, MATIC will continue to move upward toward the $0.9488 resistance level. If the price breaks this resistance level, it could rise even higher to test the resistance level of $1.0968. On the contrary, should MATIC’s price break below the consolidation zone, in continuation of its downtrend the price might begin to move toward the $0.5030 support level. It might continue to move downward toward the 0.3132 support level if the price breaks below this level. Featured image from Adobe Stock, chart from Tradingview.com
Polygon, the Ethereum scaling solution aiming to solve the network’s scalability woes, has blasted past a monumental milestone: 4 billion total transactions. This achievement is particularly impressive considering the network launched just four years ago in June 2020. Bitcoin, for comparison, took a staggering 15 years to reach 1 billion transactions, highlighting the breakneck speed […]
The Colombian bank behind the crypto exchange claimed the platform was created after nearly a decade of study and research.
MATIC is the native utility token of the Polygon blockchain and it is currently ranked 18th by market cap, with a total supply of 10 billion MATIC and a total trading volume of over $204 million in the last 24 hours. It has been moving upward since its last rejection at a $0.6342 support level. Following the recent bullish trend of the crypto market, MATIC has not been left behind as the price has been on an uptrend with very strong momentum for a while now. Since its last rejection point, MATIC has seen a price reversal of over 10%. Technical Indicators Point Toward Sustained Uptrend For MATIC To figure out where MATIC’s price might be headed next, several indicators can be used to examine the chart; 1-Day MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are heading towards the MACD zero line, indicating a bullish trend. 1-Day RSI: the formation of the Relative Strength Index (RSI) in the above image also suggests an upward movement as the RSI signal line is seen moving toward the 50% level. This indicates that buyers are gradually becoming active in the market therefore overpowering the strength of sellers. 4-hour Alligator: A look at the alligator indicator from the 4-hour time frame shows that the crypto asset is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might continue to move in an upward direction. Potential Price Movement From the previous downward movement, the price of MATIC has managed to create one major resistance level of $0.7365 and one major support level of $0.6324. Currently, MATIC is moving toward this resistance level and if it breaks above this level, it might go even further to test the next resistance level of $0.7680. However, if it fails to break above this major resistance, it will reverse and start a downward movement toward its previous support. Also, if it manages to break below this support level, the price might move further downward thereby continuing on its downtrend. As of the time of writing the price of MATIC was trading around $0.7253 and about -0.94% down in the last 24 hour Featured image from Shutterstock, chart from Tradingview.com
Polygon (MATIC), the high-speed scaling solution for Ethereum, has been on a rollercoaster ride this month. After a brutal price correction that saw MATIC tumble over 20%, a recent 24-hour surge has injected a dose of optimism into the market. But is this a sign of a full recovery, or a temporary reprieve before further decline? Related Reading: XRP Sees Over $12 Million Sell-Off: Whale Warning Or Buying Opportunity? Polygon’s Price Plunge: A Reality Check CoinMarketCap data paints a sobering picture. MATIC has been steadily dropping down the ranks of the top 20 cryptocurrencies, currently sitting at number 18. This decline coincides with a significant price drop, with MATIC losing over a quarter of its value in the last 30 days. Analysts like World of Charts point to the descending channel pattern on MATIC’s daily chart, a classic indicator of a bearish trend. For a true price recovery, MATIC needs to overcome a crucial hurdle: the $0.77 resistance level. A breakout above this point could trigger a significant bull run to the $1 dollar level, but the climb won’t be easy. $Matic#Matic Still Nothing Has Changed Consolidating In Descending Channel Successful Breakout Can Lead Massive Bullish Wave In Coming Days https://t.co/RBiSg4kaGb pic.twitter.com/fUwIbyW2hA — World Of Charts (@WorldOfCharts1) April 27, 2024 Pulse On Investor Sentiment The past 24 hours have offered a glimmer of hope for Polygon bulls. The token price surged by 5%, briefly eclipsing the $0.74 mark. This uptick coincides with an improvement in the MVRV ratio, which suggests a rise in the number of profitable MATIC investors. Additionally, the bullish crossover on the MACD indicator hints at a potential increase in buying pressure. However, beneath the surface, some concerning trends remain. MATIC market cap currently at $6.8 billion. Chart: TradingView.com Despite the recent price uptick, data suggests substantial selling pressure on Polygon. The exchange inflow has increased significantly, indicating investors moving tokens onto exchanges, often a precursor to selling. This trend is further corroborated by a rise in MATIC’s supply on exchanges, while the supply held outside of exchanges has dwindled. Related Reading: Render Revving Up: Analyst Predicts Potential Climb To $16 Technical Indicators Paint A Mixed Picture While the MACD offers a glimmer of hope, other technical indicators remain bearish. The Bollinger Bands suggest reduced volatility, which can be a sign of consolidation before a breakout or a further price drop. Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) have registered downticks, potentially signaling the end of the short-lived bull rally. Polygon’s Path Forward While the technical outlook for Polygon remains uncertain, a complete reversal isn’t out of the question. Continued positive developments within the Polygon ecosystem, coupled with broader market recovery, could propel MATIC upwards. However, overcoming the selling pressure and technical resistance levels will be crucial for a sustained bull run. Investors should exercise caution and closely monitor market developments before making any investment decisions. Featured image from Pexels, chart from TradingView
MATIC, the native token of the Polygon network, has had perhaps one of the most disappointing runs of the top cryptocurrencies in the last year. While most of the market rallied to new yearly highs, the MATIC price continued to struggle, leaving investors in massive losses. However, there may be light at the end of […]
According to crypto analyst Ali Martinez, Polygon (MATIC) is poised for major gains amidst a wider correction in the past seven days. Polygon is currently down by 9.2% in the past seven days, but the analyst pointed out that MATIC is printing a textbook buy signal on the daily chart. In a recent analysis posted […]
An analyst has explained how a buy signal forming in the price of Polygon (MATIC) could lead to the asset rebounding towards these price targets. Polygon Is Showing A TD Sequential Buy Signal Right Now In a new post on X, analyst Ali has discussed about the a Tom Demark (TD) Sequential signal forming in the MATIC price chart. The TD Sequential here refers to an indicator in technical analysis that’s generally used for pinpointing probable locations of reversal in any given asset’s value. This indicator has two phases to it, the first of which is known as the “setup.” In this phase, candles of the same polarity are counted up to nine, at the end of which the price may be assumed to have encountered a point of reversal. Related Reading: This Bitcoin Indicator May Have Signaled Latest Market Downturn In Advance Naturally, if the candles leading up to the completion of the setup had been red, the reversal would be towards the upside, while green candles would suggest a potential top for the asset. Once the setup is done with, the second phase called the “countdown” begins. This phase works similarly to the setup, except for the fact that it lasts for thirteen candles instead of nine. After these thirteen candles of the same polarity are also in, the price may be considered to have attained another likely point of reversal. Polygon has recently completed a TD Sequential phase of the former type. Below is the chart shared by Ali that shows the formation of this TD Sequential signal for the MATIC daily price. The recent pattern forming in the 1-day price of the cryptocurrency | Source: @ali_charts on X As displayed in the above graph, the Polygon daily price has finished a TD Sequential setup with a downtrend recently. This would suggest that the asset may be at a potential bottom at the moment. “If MATIC stays strong above $0.87, we could see a rebound to $0.95, or better yet, $1!” says the analyst. A potential rally to the former of these targets would suggest an increase of more than 8% from the current price, while a run to the latter level would mean growth of almost 14%. Related Reading: Bitcoin Short-Term Holders Capitulate: $5.2 Billion Sold At Loss It now remains to be seen how the Polygon price will develop from here and if the TD Sequential buy signal will end up holding or not. MATIC Price The past few weeks have been a bad time for Polygon investors as the cryptocurrency’s price has slid down all the way from around the $1.3 level to now the $0.87 mark, corresponding to a drawdown of over 33%. The chart below shows what the trend in MATIC’s value has looked like over the past month. Looks like the price of the asset has plunged over the past month | Source: MATICUSD on TradingView Amid this downward trajectory, the TD Sequential buy signal may perhaps end up being at least a glimmer of hope for the Polygon holders. Featured image from Shutterstock.com, charts from TradingView.com
Polygon’s CEO Marc Boiron emphatically stated that the layer-2 network was not considering developing layer-3 protocols because of the potential risks they pose to Ethereum’s security. Boiron made this statement on the back of the early success of Degen Chain, a layer-3 network running on the Coinbase-backed scaling solution Base. Layer 3 protocols enhance scalability […]
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MATIC, the native token of the Polygon network, has witnessed a significant decline in its value. It has fallen by more than 10% in the past week and 8% in less than 24 hours as the general cryptocurrency market continues to grapple with a cloud of negative sentiment. Fortunately, the latest on-chain analysis has revealed the important levels that investors should look out for following the latest decline in the MATIC price. Over 10,900 Addresses Bought 600 Million Polygon Tokens At This Price According to a recent post on X by crypto pundit Ali Martinez, the price of MATIC has established a key support around its current price point. This evaluation is based on analytics firm IntoTheBlock’s on-chain data, which tracks the average acquisition price for any given wallet address. The distribution of the Polygon token supply across various price ranges | Source: Ali_charts/X Above is the chart highlighted by Martinez that shows the distribution of the Polygon token supply across various price ranges. The size of the dots in the chart represents the magnitude of coins purchased around the corresponding price range. Related Reading: Post-Halving Pressure: Marathon Digital Anticipates Bitcoin Break-Even Price Of $43,000 Most notably, over 10,900 wallet addresses bought a whopping 608 million MATIC around the $1.02 and $1.05 zone. According to the crypto analyst, this massive buying activity has supported the establishment of crucial support around this price region. #Polygon has found crucial support between $1.02 and $1.05, supported by 10,900 addresses holding around 608 million #MATIC. Should this support falter, the next essential demand zone lies near $0.91, where 35,700 addresses collectively hold 394.6 million $MATIC. pic.twitter.com/rLn4ymcQf7 — Ali (@ali_charts) March 16, 2024 While the large size of the dot reflects the strength of this particular level, sustained bearish pressure could cause the price of MATIC to breach and fall beneath this support. In this case, investors could see the cryptocurrency drop to around $0.91. This makes the $0.89 and $0.92 price range another level to watch, as it represents the next vital support area, where 35,680 wallet addresses purchased nearly 400 million Polygon tokens. MATIC Price Overview As of this writing, the price of MATIC stands at $1.04, reflecting an 8% decline in the past 24 hours. This price dip comes after the altcoin printed a multi-month high of $1.28 on Thursday, March 14. According to data from CoinGecko, the Polygon coin has suffered a 9.7% price slump in the last seven days. From a broader perspective, though, the cryptocurrency has had a fairly positive performance in the past month. Related Reading: XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH? With a market capitalization of more than $9.7 billion, the MATIC token ranks as the 18th-largest cryptocurrency in the sector. MATIC price finds support around $1.04 on the daily timeframe | Source: MATICUSDT chart on TradingView Featured image from Getty Images, chart from TradingView