• MATIC is pushing towards the $1 resistance with new development updates in the Polygon ecosystem. 
  • While MATIC suffered a rapid decline in the first half of 2022 the altcoin quickly recouped its losses, posting 63% gains over the past week. 
  • Address activity on the MATIC network exploded, showing a divergence from the altcoin’s price trend. 

While MATIC witnessed a rapid decline in the first half of 2022, alongside other altcoins, there has since been a spike in on-chain activity on the Polygon network. MATIC has recouped its losses and key metrics on the Polygon network point towards a continuation of the altcoin’s uptrend. 

MATIC’s big break after months of decline

The Polygon Network and its token MATIC has made headlines because of a spike in development activity, a migration of projects from the Terra ecosystem to Ethereum scaling solution and exploding on-chain metrics. After month’s of decline, MATIC recouped its losses and analysts have set $1 as the bullish target for the altcoin. 

The euphoria that surrounded Polygon hit its peak on July 18, when MATIC price hit $0.90. Crypto data intelligence platform Santiment reported that the rally in MATIC price is consistent with its on-chain activity. 

Address activity on the Polygon network remained high, and triggered a rally. Initially, there was a buildup in address activity and the metric revealed divergence from the altcoin’s price action. This changed with MATIC's price rally. Following the increase in on-chain activity, MATIC witnessed a break out. 

Address activity in the Polygon Network

Address activity in the Polygon network 

Whale transactions on the MATIC network have increased steadily, this is considered a good sign for holders on the Polygon network. The increase in activity from large wallet investors was reflected by a spike in the altcoin’s social dominance over the past few days. 

MATIC Social dominance

MATIC Social dominance 

Analysts predict continuation of MATIC’s uptrend

BigCheds, a pseudonymous crypto analyst evaluated the MATIC price trend and identified $1.15 and $1.30 as the next two bullish targets for the altcoin. 

MATIC-USDT price chart

MATIC-USDT price chart

Analysts at FXStreet identified key price levels in the MATIC price trend. To find out where MATIC is headed next, check this video:

 

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