On-Chain Activity Fails to Drive Recovery of Polygon, MATIC Price Remains in a Downtrend
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On-chain indicators are considered reliable indicators of short-term asset price trends. Typically, an increase in activity is seen as a sign of imminent volatility in the asset. Previously, as shown between September 1st and 4th, the rise in these two indicators drove the recovery of MATIC's price.
However, since September 7th, despite a surge in daily active addresses and trading volume, it has failed to stimulate a recovery in MATIC.
MATIC Daily Active Addresses and Trading Volume, Source: Santiment.
Furthermore, between September 7th and 10th, there has been an increase in the frequency of whale transfers exceeding $100,000 and $1 million, indicating that large wallet investors are taking action. However, this move has also failed to cause any significant fluctuations in MATIC price.
Whale Transaction Volume and MATIC Price, Source: Santiment.
As of writing this article, the MATIC price has fallen to $0.5165, which is the lowest level since the intra-day low of $0.5088 on June 10th. Polygon's native token is down 2.61% intra-day, and has seen a 2.88% decline over the past week.
Currently, MATIC price remains in a downtrend, and it is yet to be seen whether developments in Polygon will spark bullish sentiment among holders.
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