All about Polygon’s recovery, downsides, and the likelihood of another upswing
April 12, 2023
By Victor Olanrewaju
How much are 1,10,100 MATICs worth today?
MATIC could approach another high similar to its 2021 uptrend.
The token’s supply on exchange is close to its highest ever.
Like most cryptocurrencies, Polygon [MATIC] has experienced a significant price increase in recent times. But after the period of recovery for most of Q1, the token of the Ethereum [ETH] scaling solution faced a notable decline.
However, the fall in price would have had less effect on the MATIC value if not for the massive profit-taking that occurred. For instance, the ratio of daily on-chain transactions in volume in profit to loss sharply spiked on 8 April.
Polygon: The race is never linear
When the metric increases, it mostly has a negative impact on the asset price. But when it’s the other way around, the value stabilizes or increases. But according to Santiment, over $49 million worth of MATIC were taken as gains on the aforementioned date. This represented the highest it has experienced this year. Hence, it was impossible for the price action not to be affected.
However, there were actions that propelled MATIC to resist surrendering to a significant fall. One of such was the tremendous increase in large transactions over the past week. According to the on-chain analytic platform, these transactions went as high as $33 million.
To read the entire article...Click Here!
