Progress and Price Analysis of Polygon Crypto in Q2 2023

Crypto: The Most Important Developments in the Polygon Ecosystem in Q2

In Q2 2023, the Polygon crypto project team made significant progress, solidifying itself as one of the top web3 infrastructures. Key developments include:

Polygon Supernets: Developers can create app-chains on the Polygon Edge Consensus, providing simplified operations, security, and scalability.
Polygon ZkEVM Bridge: A bridge for token transition from Polygon Mainnet to ZkEVM chain, offering a simple and secure user experience.
Polygon 2.0: Upgrading to version 2.0 to bring unified liquidity and unlimited scalability, with the move of Polygon PoS to ZkEVM Validium.

A Look at On-Chain Data

In terms of on-chain data, the Polygon crypto project team has shown great dedication in Q2. Key metrics include:

Active addresses: Stable numbers ranging from 253k to 475k, indicating a solid user base.
Daily transactions: Ranging from 1.9 million to 3 million, with around 2 million transactions confirmed daily.
Gas paid: Varying from $68k to $236k daily, showcasing a cheap blockchain infrastructure compared to Ethereum.
User segments: Airdrop professionals, early staking users, and experienced NFT investors accounted for 80% of smart money flow.

Price Analysis of the Polygon (MATIC) Crypto

While the Polygon ecosystem performed well, MATIC experienced price downsizing. Key points include:

Price decline: MATIC’s price fell below the 10-period moving average, with a 16% dump on June 10.
Brief recovery: MATIC saw a brief recovery from mid-June to mid-July, jumping 40% before losing another -25%.
Current trend: MATIC trades at $0.62, with a bearish trend indicated by the 10-period moving average.
Key levels: $0.60 for bears and $0.72 for potential trend reversal.
Imminent uptrend: RSI approaching oversold territory, suggesting a possible uptrend in the coming days.

Hot Take

The Polygon crypto project team has made significant progress in Q2, introducing new features and achieving stable on-chain metrics. However, the price of MATIC has experienced downsizing. It remains to be seen if MATIC can reverse the bearish trend and regain momentum. Stay tuned for further developments.