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.
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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