• 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:

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Google, Apple could remove Binance from their app store on Philippines SEC request

Google, Apple could remove Binance from their app store on Philippines SEC request

The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds. 

More Binance News

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations

Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.

More Ripple News

Here’s why Ondo price hit new ATH amid bearish market outlook Premium

Here’s why Ondo price hit new ATH amid bearish market outlook

Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.

More Cryptocurrencies News

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange

Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.

More Cryptocurrencies News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP