- Polygon’s dApp Polymarkets achieved over $100 million in volume and also saw a surge in activity.
- MATIC’s price and network growth declined.
The Polygon (MATIC) ecosystem has seen high activity on its network. One of the reasons for Polygon’s success may be the popularity of its dApps.
Polymarkets shows promising results
Polymarket, an event-based betting dApp, has achieved over $100 million in volume with a significant increase in activity.
More users attracted to popular dApps like Polymarket means more users overall on the Polygon network.
Success stories like Polymarket attract more developers to build dApps on Polygon. This can lead to a wider range of applications being built on the platform, further enriching the Polygon ecosystem.
Increasing adoption and network activity can have a positive impact on the price of MATIC, Polygon’s native token. As more users interact with dApps, the demand for MATIC for gas fees and other features could increase.
Source: X
How is MATIC doing?
At the time of writing, MATIC was trading at $0.5524 and its price had fallen by 1.08% in the last 24 hours. Since June 7, the price of MATIC had fallen significantly.
During this time, the price of MATIC exhibited several lower lows and lower highs, indicating a bearish trend.
The RSI (Relative Strength Index) for MATIC was also declining during this period, indicating that the bullish momentum surrounding MATIC has weakened.
In addition, the total volume traded on MATIC also fell by 30% last month.
However, the CMF (Chaikin Money Flow) for MATIC has increased significantly, meaning that the funds flowing into MATIC have increased significantly in the last few days.
If the increased money flow continues, the chances of a reversal increase. If MATIC manages to test the $0.5961 level and weakens, the price could rise again to $0.7413 in the future.
Source: TradingView
Is your portfolio in the green? Check out the MATIC profit calculator
As for on-chain metrics, AMBCrypto’s analysis of Santiment data revealed that network growth has declined significantly in recent days, suggesting that interest in new addresses is waning.
If this trend continues, the chances of a price reversal for MATIC could be significantly compromised.
Source: Santiment
