polygon [MATIC], at the time of writing, was trading at a significant premium from the 2022 lows, but the alt struggled to recover above $1. Demand for the coin above the same price level has remained low, but a recent Polygon partnership could pave the way for more liquidity.

Here’s AMBCrypto’s Price Prediction for Polygon [MATIC] for 2022-2023

Polygon’s latest announcement revealed a collaboration with a WEB3 studio called SuperLayer. The partnership focused on leveraging the growth of the gaming, culture and investment segments. These developments could pave the way for Polygon to seize opportunities in rapidly changing industries. The partnership underscored Polygon’s commitment to growth opportunities within the Web3 ecosystem.

The gaming focus of the Polygon and SuperLayer makes it easy for game developers to create their own studios. This allows the network to be part of the underlying infrastructure that supports the future of decentralized gaming.

Enough to wake the resting bulls?

While the partnership between SuperLayer and Polygon may contribute to MATIC’s long-term performance, could it have any short-term impact? MATIC’s active addresses peaked at just above 690,000 addresses on October 13. On October 16, there were 369,000 addresses.

Source: Santiment

MATIC’s active addresses have dropped significantly in the past 24 hours. In other words, there was no wave of incoming buying or selling pressure. The same observation confirmed that the pre-existing pressures responsible for last week’s bearish performance had eased.

The network growth then went hand in hand with the decrease in active addresses in the same period. The number of new addresses also decreased after that, mainly because the price has been looking more downwards in recent days.

Source: Glassnode

While the pace of new addresses slowed, the total number of addresses grew steadily over the past four weeks. A healthy sign that the network grew steadily despite the short headwind.

So far, statistics have pointed to a lack of significant activity to bring about a major short-term price movement despite the recent announcement. A look at MATIC’s whale distribution also led to a similar conclusion.

Source: Santiment

MATIC maintained whale activity within normal parameters. In other words, MATIC has not accumulated enough whale activity for significant movement in the past two days.

One MATIC token cost $0.80 at the time of writing. The lack of significant volumes at the start of the week meant that MATIC could extend its stay below $1 for a while. That could change if it manages to secure enough trading volumes to shift demand from current levels.

So investors should watch for changes in the same metrics used above to potentially seize the next bullish opportunity.





This post Polygon could push MATIC for a while, but a step beyond $1 remains questionable

was published first on https://ambcrypto.com/polygon-may-push-matic-for-a-short-while-but-a-move-beyond-1-remains-doubtful/

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