Polygon: Exploring factors that could initiate MATIC’s southward journey
Polygon [MATIC] confirmed promising value actions and managed to keep up some hope for higher days forward. MATIC registered a 3% progress within the final 24 hours and was buying and selling at $0.7709, throughout press time.
Not solely did MATIC witness a constructive value motion, however the token’s recognition additionally witnessed a surge. MATIC was among the many prime cryptos when it comes to trending searches on the crypto trade CoinGecko.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) September 29, 2022
Whereas MATIC’s recognition rose, a number of fascinating developments occurred within the Polygon ecosystem which will present some potential to pump the alt’s value within the coming week. Apparently, MATIC on-chain metrics additionally indicated the same end result.
An upcoming flip of occasions
Polygon lately introduced that it has built-in the Push protocol, which was earlier often called the Ethereum Push Notification Service (EPNS).
This may be thought of a promising growth within the ecosystem. It’s because it will assist Polygon present higher Web3-native communication to Polygon apps and energetic customers.
This may allow seamless, web3-native communication to hundreds of Polygon apps and tens of millions of energetic customers. pic.twitter.com/04lux4QwWO
— Polygon – MATIC 💜 (@0xPolygon) September 29, 2022
Commenting on the push protocol integration, Polygon talked about,
“Integrating Push Protocol addresses the dearth of communication between apps and customers. Thus enhancing the general person expertise in Web3.”
Aside from this, Polygon additionally lately introduced zkEVM, which is a promising path to scaling Ethereum and would convey cheaper transactions to Ethereum. With all these developments occurring locally, the way forward for MATIC seemed good.
Polygon’s zkEVM will convey cheaper transactions to #Ethereum.
Are you holding your $MATIC baggage?
— The Moon | Carl (@TheMoonCarl) September 29, 2022
All good, however right here is the catch
A take a look at MATIC on-chain metrics additionally painted a considerably promising image, as most metrics supported a attainable uptick within the coming days. As an illustration, MATIC’s 30-day Market Worth to Realized Worth (MVRV) Ratio went up over the past week. This was a constructive sign.
Moreover, MATIC’s trade outflow additionally registered a spike within the final two days, which was once more a bullish signal.
Whereas a number of metrics have been in favor of MATIC, a couple of of them recommended in any other case. Santiment’s chart revealed that MATIC’s growth exercise declined over the past week, which, by and enormous, was a detrimental sign.
Moreover, regardless of the aforementioned promising developments, MATIC failed to draw extra consideration from the crypto neighborhood on social media as its social mentions witnessed a drop.
Due to this fact, contemplating all of the metrics and developments, issues principally gave the impression to be working in MATIC’s favor. Nonetheless, merchants and buyers ought to be cautious earlier than deciding to put money into the alt.