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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