With most of the top 20 altcoins seeing decent gains last month and some even hitting new ATHs, Polygons MATIC (# 19th coin) appears to be stagnating. In fact, MATIC’s returns have been fairly market-driven over the past few months.

At press time, MATIC is trading at $ 1.90, up just 0.6% over 24 hours, but down nearly 2% on the weekly chart. Therefore, the chances of the price increasing 44.5% to hit the ATH at $ 2.63 seem very slim. However, there are a number of developments and partnerships that MATIC could pave the way to this ATH.

Partnership and development

Polygon is famous for its previous partnerships that drove up the price of MATIC and other altcoins. In particular, coins outside the polygon ecosystem such as Aavegotchi, Sloktopia, Decentral Games and GameCredits have seen significant gains in recent weeks since the beginning of the quarter despite the MATIC consolidation.

With DeFi projects seemingly moving from Ethereum to Polygon despite the increased fees on this network, the chances are high that MATIC will rise in the near future. The platform recently partnered with the Enegra Group, a Malaysia-based technology company valued at approximately $ 28 billion.

The biggest news that MATIC could crank, however, is the possibility The sandbox switch from Ethereum to Polygon.

The sandbox (SAND) gained over 140% last week and now that the platform plans to switch from Ethereum to Polygon, the Metaverse hype could become a catalyst for MATIC prices.

On-chain activity is increasing

On-chain activity on Polygon is also steadily increasing, with capital inflows leading to the bridge tip. The net inflow on the MATIC bridge increased five-fold and almost reached ATH. According to data from Santiment, the number of active addresses has remained quite high despite the flat rate, which represents above-average on-chain activity.

24h working address (pink) and development activities of MATIC (green) | The source: Sanbase

In addition, the low growth activity also improved until the end of October, which benefits the overall growth of the network. However, Polygon’s Locked Value (TVL) has not changed much in more than a month (as of September 22) and remains around $ 4 billion to $ 5 billion.

Total Locked Value by Type: Asset (yellow), Loan (orange), DEX (green) | The source: Coin98 Analytics

While recent news about the sandbox migration could boost both altcoins, MATIC in particular, amid the Metaverse hype, the fact that it’s still in negotiations makes MATIC’s upside potential unstable. If this really happens in the coming weeks, it could trigger an ATH for MATIC.

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