- The MATIC network announced the launch of Polygon Academy for developers planning to make a shift to Web3.
- MATIC price plunged despite recent market catalysts and $450 million investment led by Sequoia Capital India.
- Analysts believe MATIC price lacks trends that confirm a rally, revealing a bearish outlook.
The number of unique investors on the Polygon network hit a new all-time high – 136.5 million. Despite the new investment and bullish catalysts, MATIC price posted 6% losses overnight.
MATIC price struggles to recover despite spike in on-chain activity
Ethereum scaling solution MATIC recently raised a $450 million investment led by Sequoia Capital India, with 40 other venture capital investors. The news, along with a rise in on-chain activity and active addresses would have been expected to be a bullish catalyst for MATIC price.
Active unique addresses on the MATIC network crossed 136.5 million. Yet, despite the rise in the number of unique investors and the launch of the Polygon Academy for decentralized application developers to move from Web2 to Web3, MATIC price posted a 6% loss.
Experts believe that a rapid influx of developers in the Polygon ecosystem could offer a scalable and efficient way to boost the Ethereum network and its scalability. Polygon Studios’ interest in metaverse, gaming and NFTs has attracted developers to the MATIC network and supports the adoption of the blockchain.
@ali_charts, a renowned analyst, has evaluated the MATIC price trend and noted that the altcoin positively correlates with the number of whales on the network. Yet, despite the rise in active addresses and unique wallets on the MATIC network, the altcoin’s price has declined.
$MATIC price has shown a positive correlation coefficient with the # of whales on the #Polygon network since April 2021.
— Ali Martinez (@ali_charts) February 10, 2022
Interestingly enough, the # of addresses with over 10 million #MATIC has declined while prices have gone up in the last 2 weeks. pic.twitter.com/kUvhWM8uCl
Leading cryptocurrency analyst and trader @WalterCripto notes that MATIC price touched the upper limit resistance of a ranging zone, at $2.04, and the lower limit of the range is $1.51. Trader’s sentiment on MATIC continues to remain neutral.
2. Max Levels Indentifier (MLI)
— Walter - TREND RIDER (@WalterCripto) February 10, 2022
Matic is touching the uper limit resistance of the Ranging Zone exactly at 2.04 USD. Resistance would be the lower limit at 1.51 USD ( almost the exact point where the recent pump began)
Also, sentiment is neutral. pic.twitter.com/880mrZCC5b
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.