Polygon (MATIC) On-Chain Metrics Hint at Possible Price Reversal, Says Crypto Analytics Firm Santiment
Sure on-chain metrics counsel that blockchain scaling answer Polygon (MATIC) may very well be on the verge of a worth reversal, based on the crypto analytics agency Santiment.
Santiment notes MATIC lately witnessed a spike in energetic addresses and dormant coin motion.
“Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this.”
MATIC is buying and selling at $0.423 at time of writing. The Twenty eighth-ranked crypto asset by market cap is down greater than 2% previously 24 hours.
Polygon’s on-chain exercise has been spiking because the mission prepares for an imminent rebrand scheduled for September 4th. The brand new POL token will change MATIC because the chain’s native gasoline and staking asset.
First proposed final July, the rebrand is a part of the community’s transition to Polygon 2.0, which goals to ascertain the mission because the “value layer of the internet.”
Polygon Labs co-founder Sandeep Nailwal mentioned final yr that POL is designed to “deliver the benefits of multi-chain staking without the added risks of restaking.”
“With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s that can easily interoperate and share liquidity with each other.”
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