polygon, despite the ailing prices, witnessed an increase in the number of daily active addresses on its network. One of the reasons for the same could be: polygon’s recent collaboration with Nubanka major financial institution from Brazil.

But the question remains: will this be a sustainable, growth-based relationship?

Here are AMBCryptos Price prediction for polygon for 2022-2023

As can be seen in the image below, the number of daily active users on the Polygon network has grown tremendously over the past 30 days.

Source: Santiment

Earlier on September 20, the Polygon network registered 136 thousand daily active users. However, at the time of writing, the number was 326 thousand. This development could indicate active interest from users of Polygon. And so it could mean an optimistic future for MATIC in the near term.

The sudden surge in interest in Polygon can be attributed to the growing number of collaborations. With regard to the cooperation with Nubank, polygon would help Nubank launch its own chain and its digital token Nucoin.

This move would open the gateway to the Web3 space for 70 million Nubank users and potentially move them to Polygon as well.

However, despite Polygon’s peak in active users and increasing collaborations, the network has not shown the same level of growth in the Defi space.

The total TVL recorded by Polygon has fallen in recent weeks, as can be seen from the chart below.

Source: DefiLlama

In addition to falling TVL, a sharp decline in Polygon’s network growth was also observed, which would indicate a lack of interest from new addresses.

However, in recent weeks, an increase has been observed in Polygon’s volume, which stood at 459 million at the time of writing. Another positive signal for investors would be the rising MVRV ratio, which was bullish at the time of writing.

In addition, there was also an increase in the exchange outflow metric of Polygon. Its reading indicated the increased investor interest in accumulation. It can also be seen as a bullish sign.

Source: Santiment

However, Polygon’s price has been unable to benefit from the recent bullish developments.

At the time of going to press, polygon traded at $0.84 after falling 3.29% in the past 24 hours. In fact, the market cap also fell by 3.10% over the same period. However, the volume increased by 0.5%.

This post MATIC: Reasons why you should reconsider your short circuit decision

was published first on https://ambcrypto.com/matic-reasons-why-you-should-reconsider-your-shorting-decision/


Write A Comment