Polygon’s [MATIC] underground works over Hermez’s EVM and the rolling up of public chains have not brought good tidings to investors. According to the co-founder of the project, Anurag Arjun, Polygon had a lineup of developments.
In summary, the integrations would focus on a common goal: to scale the ecosystem with cryptographic proof and seamless validation.
MATIC, however, seemed calm about the development. In fact, recent events in the chain have proven that the update was almost no problem for investors.
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According to Glassnode, the activities on the MATIC network were not impressive. The transfer count had stopped at press time and had peaked since August. Therefore, transactions per second had fallen dramatically for over a month.
While there has been an increase recently, it was only slightly different from September 30. Glasnode showed that the number of transfers at the time of writing was 4045. The on-chain monitoring platform also showed that the transfers took place on a rate from 0.0468.
In addition, MATIC’s stock of whaling was reversed on September 25. Based on Holiness data, the supply of MATIC whales was 42. Given this state, MATIC did not seem ready to take investors out of the misery of losses.
The NFT situation in the chain was not exciting either. The last time there were 100 NFT trades in one day was in June. At the time of writing, Polygon’s daily NFT trades across various marketplaces had declined incredibly.
much more laundry revealed given the growth of the network. Santiment showed that MATIC’s network growth was 988, compared to 1,033 on September 29. Therefore, the existing plans have not yet succeeded in raising the bar on the Polygon network.
In addition, the gains made in the chain seemed less than what investors might have expected. Interestingly enough, it didn’t seem to rise beyond 9.24 million at press time.
With all these, it would be possible that MATIC’s travel south would be an inevitable event?
It’s not a daydream
On the daily chart, MATIC’s accumulation and distribution appeared to have a contrast to the stats in the chain. With the Accumulation/Distribution (A/D) of 5.49 billion, MATIC investors have kept the “buy and sell ship” stable. So this could offer some relief to investors who expect short-term gains.
While MATIC was trading at $0.77, the Bollinger Bands (BB) press time position failed to fuel further price gains. At the time of writing, the BB exhibited extremely low volatility.
Therefore, it may be impossible to expect a significant price increase. Indications of the Awesome Oscillator (AO) also shared the same sentiment with a reading of -0.056.
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was published first on https://ambcrypto.com/polygons-matic-hidden-agenda-is-out-in-the-public-but/