Polygon (MATIC) Holds Strong Above $0.50 Amid Bearish Pressure
Polygon (MATIC) has managed to stay above the $0.50 support level despite recent bearish pressure. Some analysts believe that the token could potentially drop below this level, but at the moment, MATIC is trading at $0.51 after a slight dip below $0.50 earlier this month. Despite the bearish sentiment, holders of MATIC tokens continue to transfer their assets to exchanges, indicating no significant change in the near future.
Ethereum Layer 2 Network Faces Challenges
The Ethereum layer 2 network, including Polygon, has faced a slow year, mirroring the performance of other altcoins in the broader market. Over the past 24 hours, MATIC has experienced a 1.08% decrease in value and a 5.95% decrease over the past month.
Bulls Celebrate Increased Activity
Bulls have been striving to push MATIC above the $0.50 level, and recent metrics suggest increased bullish activity. In the last 24 hours, trading volume on major exchanges has risen by 18%, placing MATIC as the 13th highest volume cryptocurrency. On-chain analytics data from CryptoQuant reveals that Polygon recorded its highest number of transactions in 50 days on September 22 with a total of 4,621 transactions.
While demand for MATIC continues to rise, bulls are determined to prevent a mass sell-off triggered by token transfers to exchanges. However, network activity has not reached the same level since September 22, failing to surpass 4,000 daily transactions in subsequent days.
Polygon’s Recent Developments
Polygon Labs and Immutable have collaborated to launch zkEVM testnet, a significant development for the blockchain ecosystem. This release aims to enhance scalability, security, and cost-effectiveness.
In addition, Polygon has introduced the Lufthansa Uptrip Loyalty Program, which rewards users with NFTs for their flights. Users can collect specific sets of cards representing cities, airplanes, and special experiences to earn unique rewards such as business vouchers and free miles.
“Users will be able to choose from hundreds of cards of Cities (Lisbon, New York, Rio de Janeiro, Singapore and more), Airplanes (Airbus A320, Boeing 747, Embraer 190) and Specials (fly on New Year’s eve, cross the North Pole, etc”
Hot Take: MATIC Maintains Steady Performance Amid Market Challenges
Polygon’s native token MATIC has shown resilience by staying above the $0.50 support level despite recent bearish pressure. While the Ethereum layer 2 network has faced a slow year alongside other altcoins, increased bullish activity in terms of trading volume and network transactions indicates positive sentiment surrounding MATIC. Recent developments such as the zkEVM testnet launch and the Lufthansa Uptrip Loyalty Program contribute to Polygon’s growth and adoption. As demand for MATIC continues to rise, it remains to be seen if bulls can sustain momentum and prevent potential mass sell-offs.
By
By
By
By
By