{"id":630898,"date":"2024-07-22T21:30:55","date_gmt":"2024-07-22T21:30:55","guid":{"rendered":"https:\/\/www.wncen.com\/?p=630898"},"modified":"2024-07-22T11:07:20","modified_gmt":"2024-07-22T11:07:20","slug":"polygon-active-addresses-matic","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/matic\/polygon-active-addresses-matic\/","title":{"rendered":"Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?"},"content":{"rendered":"

Polygon (MATIC) appears to be underperforming<\/span> compared to the broader market<\/span><\/a>, where most of the attention is directed toward other <\/span>major cryptocurrencies<\/span><\/a> with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to <\/span>recent announcements <\/span><\/a>concerning the migration of Polygon\u2019s MATIC token to the new POL tokens.<\/span><\/p>\n

Polygon Network Activity Hits Yearly High<\/h2>\n

According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend.<\/span><\/p>\n

Related Reading: Crypto Analyst Says \u2018Think Bigger\u2019, Bitcoin Price Is Headed To $100,000<\/a><\/div>\n

A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has <\/span>been on a steady decline<\/span><\/a> since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity.<\/span><\/p>\n

\"Polygon\"
Source: Santiment<\/figcaption><\/figure>\n

MATIC Price Analysis<\/h2>\n

At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark.<\/span><\/p>\n

Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has<\/span> made many attempts<\/span><\/a> to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price.<\/span><\/p>\n

Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In<\/a><\/div>\n

MATIC’s <\/span>profitability count<\/span><\/a> is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade.<\/span><\/p>\n

\"MATIC\"
Source: IntoTheBlock<\/figcaption><\/figure>\n

The mainnet upgrade from MATIC to POL is slated to take place in September. The <\/span>anticipation <\/span><\/a>surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.\u00a0<\/span><\/p>\n

\"Polygon
MATIC price rises with market | Source: MATICUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Polygon (MATIC) appears to be underperforming compared to the broader market, where most of the attention is directed toward other major cryptocurrencies with larger market caps. Despite this subdued price movement, the Polygon network recently experienced a significant surge in activity, reaching its highest levels in over a year. This notable increase in activity is largely attributed to recent announcements concerning the migration of Polygon\u2019s MATIC token to the new POL tokens. Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration. This increase was highlighted by Santiment’s Active Addresses 24-hour metric, which tracks the number of network addresses that either sent or received transactions within a 24-hour period. Remarkably, this spike in activity propelled the metric to exceed 4,200 addresses over the weekend. Related Reading: Crypto Analyst Says \u2018Think Bigger\u2019, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend. Daily activity has been on a steady decline since March. In fact, the day before the spike, the Active Addresses metric recorded fewer than 1,500 active addresses. This sharp rise underscores the impact of the token migration news, indicating a renewed interest and engagement among some participants of the Polygon network, which contrasts sharply with the earlier downward trend in activity. MATIC Price Analysis At the time of writing, Polygon (MATIC) is trading at $0.534. The cryptocurrency is currently contending with a resistance level of around $0.55, a barrier that the bulls have been unable to overcome in the past 24 hours. This resistance emerged following a bullish price movement from a yearly low of $0.4313 that kickstarted on July 6, representing a 27.5% increase up to the $0.55 mark. Looking at a broader timeframe reveals that this price point has consistently posed a strong resistance level ranging up to $0.57. MATIC has made many attempts to break past this level since the last week of June. According to data from IntoTheBlock, there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price. Related Reading: Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In MATIC’s profitability count is currently the lowest among major cryptocurrencies, with only 30,100 addresses in profit. This figure represents less than 5% of the total addresses holding MATIC. However, this could change very soon after the mainnet upgrade. The mainnet upgrade from MATIC to POL is slated to take place in September. The anticipation surrounding this event could generate significant buying pressure for MATIC, potentially improving holder profitability.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":630927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86487],"tags":[40670,89524,86442,76656,79614,83584,90093,89525,86440],"class_list":["post-630898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matic","tag-matic","tag-matic-news","tag-matic-price","tag-maticusd","tag-maticusdt","tag-polygon","tag-polygon-network","tag-polygon-news","tag-polygon-price"],"acf":[],"yoast_head":"\nPolygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?<\/title>\n<meta name=\"description\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?","url":"http:\/\/www.wncen.com\/news\/matic\/polygon-active-addresses-matic\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/matic\/polygon-active-addresses-matic\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Polygon-MATIC.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Polygon-MATIC.jpeg?fit=1792%2C1024"},"articleSection":"MATIC","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic news","matic price","maticusd","maticusdt","polygon","polygon network","polygon news","polygon price"],"dateCreated":"2024-07-22T21:30:55Z","datePublished":"2024-07-22T21:30:55Z","dateModified":"2024-07-22T21:30:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/matic\\\/polygon-active-addresses-matic\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/matic\\\/polygon-active-addresses-matic\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Polygon-MATIC.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Polygon-MATIC.jpeg?fit=1792%2C1024\"},\"articleSection\":\"MATIC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic news\",\"matic price\",\"maticusd\",\"maticusdt\",\"polygon\",\"polygon network\",\"polygon news\",\"polygon price\"],\"dateCreated\":\"2024-07-22T21:30:55Z\",\"datePublished\":\"2024-07-22T21:30:55Z\",\"dateModified\":\"2024-07-22T21:30:55Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Polygon-MATIC.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/630898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=630898"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/630898\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/630927"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=630898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=630898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=630898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}