This is why MATIC is on a winning streak
- 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
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
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
Analysts at FXStreet identified key price levels in the MATIC price trend. To find out where MATIC is headed next, check this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
