The polygon network is super strong despite the MATIC price drop of more than 12% compared to ATH
As the price of Polygon (MATIC) climbs to an all-time high, cryptanalysis firm Santiment is researching its on-chain activity and social metrics.
Polygon, Ethereum’s premier Layer 2 scaling solution, rebounded to an all-time high of $ 2.92 on December 27th before giving up some of its gains and trading now.
Source: TradingView
Santiment checked MATIC’s active address index and found that Polygon is currently having “good network activity”.
“8,000 active addresses per day is huge. Possibly in the top 5 most active coins on Ethereum. Definitely one of the most widely used coins. Super strong! ”
Active address. Source: Santiment
The analytics firm also said that MATIC currently has no “profit-taking” activities and low cash flow on transactions.
The net profit / loss of the network. Source: Santiment
Cash flow to the stock market. Source: Santiment
Meanwhile, MATIC’s social volume stayed low until interest rose to a new all-time high.
Social volume. Source: Santiment
Santiment adds that whales have stopped accumulating MATIC in the past few days.
Distribution between owners. Source: Santiment
The analytics company concluded:
“The problem we are seeing is that while it hits ATH, there is relatively little feedback on active insoles. And whales reduce accumulation.
The market could see a sell-off in the next 24 hours so MATIC can correct and then continue with another rally. ”
Last week, Polygon announced a new partnership with Opera Software to bring decentralized applications (DApps) to the Opera web browser.
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The polygon network is super strong despite the MATIC price drop of more than 12% compared to ATH
As the price of Polygon (MATIC) climbs to an all-time high, cryptanalysis firm Santiment is researching its on-chain activity and social metrics.
Polygon, Ethereum’s premier Layer 2 scaling solution, rebounded to an all-time high of $ 2.92 on December 27th before giving up some of its gains and trading now.
Source: TradingView
Santiment checked MATIC’s active address index and found that Polygon is currently having “good network activity”.
“8,000 active addresses per day is huge. Possibly in the top 5 most active coins on Ethereum. Definitely one of the most widely used coins. Super strong! ”
Active address. Source: Santiment
The analytics firm also said that MATIC currently has no “profit-taking” activities and low cash flow on transactions.
The net profit / loss of the network. Source: Santiment
Cash flow to the stock market. Source: Santiment
Meanwhile, MATIC’s social volume stayed low until interest rose to a new all-time high.
Social volume. Source: Santiment
Santiment adds that whales have stopped accumulating MATIC in the past few days.
Distribution between owners. Source: Santiment
The analytics company concluded:
“The problem we are seeing is that while it hits ATH, there is relatively little feedback on active insoles. And whales reduce accumulation.
The market could see a sell-off in the next 24 hours so MATIC can correct and then continue with another rally. ”
Last week, Polygon announced a new partnership with Opera Software to bring decentralized applications (DApps) to the Opera web browser.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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