On-chain activity for the Ethereum layer-2 network has picked up recently, but token prices remain at deep bear market levels.
High-net-worth individuals and private equity funds will drive adoption, said Colin Butler.
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 […]
Movement Labs joins Polygon’s AggLayer to boost blockchain interoperability and protect developers against 90% of auditor-prioritized attack vectors.
The collaboration will enable unified liquidity across MoveVM-based layer-2 blockchains.
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
Global lenders and asset managers are increasingly exploring blockchain tech to issue and transfer traditional financial instruments, also known as tokenization of real-world assets.
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's token upgrade to POL on September 4 could significantly enhance network utility and security, impacting all Polygon networks.
The post Polygon set to migrate MATIC to POL on September 4 appeared first on Crypto Briefing.
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 new protocol, called the TON Applications Chain (TAC), will make use of Polygon’s Chain Development Kit (CDK), as well as their AggLayer.
With its swap volume surging to a new all-time high, Uniswap, the leading decentralized exchange (DEX) in the cryptocurrency industry, has achieved a noteworthy milestone, showcasing its position as a formidable DEX. This accomplishment emphasizes how important the exchange is to the continuing growth of Decentralized Finance (DeFi), as more users look to DEXs for […]
Fox’s Verify protocol is set to transition to its own zero-knowledge blockchain, enabling developers to create authentically provable projects and content.
This week’s Crypto Biz explores ARK Invest’s partnership with 21Shares, Galaxy Digital’s tokenized loan for Animoca Brands, Avail’s fundraising, the Toposware acquisition, and Bitcoin miners’ first reports since the halving.
The deal brings Polygon’s cumulative zero-knowledge technology investment to over $1 billion, the company said. Toposware’s team is behind Polygon’s Type 1 Prover technology.
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
Former Consensys employee Jack Jia, co-founder of Stable.com, launches new stablecoin USD3 amid regulatory uncertainty and shifting stablecoin narratives.
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 Ethereum layer-2 scaling solutions provider is going up against StartWare’s tech stack Starknet.
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
Several top Ethereum Layer-2 (L2) networks, such as Arbitrum, Optimism, Polygon, zkSync, and Starkware, are preparing to integrate Avail’s Data Availability (DA) solution, according to an April 25 statement shared with CryptoSlate. This integration will grant rollup builders access to Avail DA and its ecosystem, facilitating the development of scalable and efficient rollup architectures across […]
The post Top Ethereum Layer-2 networks adopt Avail DA to boost rollup efficiency and security appeared first on CryptoSlate.
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 […]
The new technology from Union Labs comes after the blockchain interoperability project raised $4 million in November.
P2 was spun out out of Polygon Labs last year and now is allocating funds and mentorship to support project founders, including those focused on the Polygon blockchain ecosystem. A Hadron FC contributor said the community offered the right "capital and vibes."
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 […]