On-Chain Activity Fails to Drive Recovery of Polygon, MATIC Price Remains in a Downtrend

FXStreet
Updated Sep 12, 2023 05:52

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. 


每日活躍地址和交易量 (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.


鯨魚交易數量和 MATIC 價格

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.


* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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