- Polygon’s MATIC is proving resilient amidst bearish pressure as it defends the $0.50 support level.
- Investors are cautious that the support could be breached as hodlers cash in but remain optimistic based on recent network activity.
Polygon (MATIC) has in the last 24 hours added around 2 percent to its value to reach a little over $0.52. This is encouraging for investors who have been cautious of the $0.50 support. If breached, experts expect the altcoin to drop to $0.45. Although the altcoin has shown resilience, trading above the crucial support, its failure it break above $0.55 remains a troubling sign. In anticipation of more volatility, a large number of holders are keeping their coins in crypto exchanges.
In the crypto space, whenever investors deposit or keep their coins in exchanges, it is regarded as a bearish sign as it points to intent to sell the coins. On the other hand, when investors withdraw their coins, this is a bullish sign since it shows investors are confident of a positive performance in the near future.
Price data shows that 23,250 addresses had bought 181.2 million MATIC tokens in the $0.50 level, some of these could look to cash in on the marginal profits, dragging prices back down. In contrast, 66,000 addresses bought 1.7 billion tokens at an average price of $0.70, this sets the price level as the next major resistance for the altcoin.
Although prices have largely stagnated, the network’s activity has witnessed an uptick. A CryptoQuant chart shows that the Polygon network recorded 4,621 transactions on September 22. This marks a 50-day high for the network.
Source: CryptoQuant
The number of transactions is an indicator of demand for the network’s native token MATIC. In business, as demand rises, prices increase. This is a principle that investors hope will take effect in the near future.
Polygon (MATIC) Growing Adoption and Development
Over the last couple of weeks, the project has suffered some setbacks but also some positive developments. As CNF reported earlier this month, one of the major setbacks was Binance, the largest crypto exchange by volume, shutting down the NFT staking program and Polygon (MATIC) support.
Read More: Binance Shuts Down NFT Staking Program and Polygon (MATIC) Support
Regardless of this setback, the network has continued to be innovative and has unveiled ambitious plans for Ethereum scaling in Polygon 2.0 to become the fastest blockchain in the industry. In line with these plans, Polygon Labs ushered in a new era for its platform by publicizing the genesis of Polygon 2.0, marked by the release of three foundational Polygon Improvement Proposals (PIPs).
Additionally, the project has continued to forge new partnerships with billion-dollar companies that will help accelerate the adoption of the network. In a recent announcement, Polygon Labs has revealed that it will be collaborating with South Korea’s leading finance giant Mirae. The partnership will focus on the development of a tokenized securities network on the Ethereum scaling platform.
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