Did Polygon’s recent network developments affect MATIC?
- Polygon launched POL contracts on the Goreli testnet final week.
- MATIC’s weekly chart was inexperienced, however the newest metrics have been bearish.
Polygon [MATIC] had a busy week as a number of main developments came about over the previous few days. Right this moment In Polygon just lately posted a tweet highlighting a lot of the notable developments from final week. Whereas that occurred, MATIC additionally managed to push its value upward.
Learn Polygon’s [MATIC] Revenue Calculator 2023-24
A glance again at Polygon’s week
Right this moment In Polygon just lately posted a tweet highlighting how the blockchain’s growth has carried out during the last seven days. As an illustration, essentially the most notable growth that occurred final week was associated to Polygon 2.0.
The final 7 days in Polygon👇👀
💜 POL contracts went dwell on Testnet
💜 Google Cloud grew to become a Polygon Validator
💜 Reddit Avatars reached 20M holders
💜 Polygon zkEVM reached 6M transactions
💜 Polygon zkEVM reached 450K distinctive addresses
💜 @AstarNetwork introduced Astar… pic.twitter.com/z0VxFC8NBN
— Right this moment In Polygon (@TodayInPolygon) October 6, 2023
The blockchain’s much-awaited Polygon 2.0’s POL contracts just lately went dwell on its testnet. POL contracts have been deployed on the Goerli testnet, and two proposals setting forth potential adjustments to the native token burning mechanism obligatory for future upgrades went dwell as nicely.
Right this moment, because of group consultations, POL contracts shall be dwell on Goerli testnet.
A serious step in the direction of bringing Polygon 2.0 to life.
Based mostly on the group’s suggestions through the PIP governance course of, PIP-24: Change EIP-1559 Coverage & PIP-25: Modify POL Complete Provide,… pic.twitter.com/li8OF0o3jC
— Polygon Devs 📍 DevX World Tour (@0xPolygonDevs) October 4, 2023
Other than that, one other main growth was Polygon’s partnership with Google Cloud. Google introduced that it has develop into a validator for the Polygon blockchain.
Other than that, the blockchain’s rollup, zkEVM, additionally reached new highs as its whole transactions exceeded 6 million. The rollup’s distinctive addresses additionally exceeded the 450k mark final week.
How is MATIC faring?
The final week was additionally worthwhile for MATIC because the token registered positive factors. The token’s value went up by greater than 4% during the last seven days. Nevertheless, issues took a U-turn within the final 24 hours as its value went down.
In accordance with CoinMarketCap, MATIC’s value dropped by over 2% yesterday. On the time of writing, it was buying and selling at $0.5634 with a market capitalization of over $5.2 billion.
A have a look at the token’s metrics revealed what went flawed over the previous few days. It was shocking to notice that regardless of the latest value drop, the token’s MVRV ratio was nonetheless comparatively up final week. Its social quantity additionally remained excessive, reflecting the token’s recognition.
Supply: TradingView
Is your portfolio inexperienced? Take a look at the MATIC Revenue Calculator
Nevertheless, issues had the potential to worsen for MATIC. A have a look at the token’s each day chart confirmed that its Chaikin Cash Circulate (CMF) registered a steep decline because it went method underneath the impartial mark.
Its Relative Energy Index (RSI) additionally registered a slight downtick because it additionally went close to the impartial mark. Nevertheless, MATIC’s MACD remained within the consumers’ favor because it displayed a bullish crossover.
Supply: TradingView
