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Polygon’s DeFi space shows increased promise: How will MATIC react?

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Polygon’s DeFi space registers promising growth, and this is how MATIC reacts
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  • MATIC flipped SHIB to become the most traded token among whales.
  • MATIC’s weekly chart was green and market indicators suggested a further price hike.

Polygon [MATIC] has shown growth in its DeFi space over the past, with several new integrations that help increase the network’s offerings and capabilities. The latest one is the integration with Dopex, a decentralized options exchange. 

Realistic or not, here’s MATIC market cap in BTC’s terms

According to the official announcement on 4 February, Dopex’s launch on Polygon brought with it Atlantic Straddles and SSOVs (Single Staking Option Vaults) to the DeFi ecosystem. Polygon mentioned that this launch was a step forward for Dopex, allowing the platform to reach a wider audience and provide more opportunities for users to take advantage of its innovative features. 

MATIC also reacted 

Polygon’s growth in the DeFi space was further proven by having a look at DeFiLlama’s data, as its Total Value Locked (TVL) gained an upward momentum since the beginning of this year. MATIC’s price also responded positively to these developments, and its daily and weekly charts were painted green.

As per CoinMarketCap, MATIC was up by over 3% and 6% in the last 24 hours and past week, respectively. At press time, it was trading at $1.23, with a market capitalization of more than $10.7 billion. 

The increase in MATIC’s price might have played a role in making the token popular again among the whales. WhaleStats revealed that MATIC flipped Shiba Inu [SHIB] to become the most traded token among the top 100 Ethereum [ETH] whales. 

While the price rose, MATIC’s MVRV Ratio registered an uptick, which looked optimistic. MATIC’s popularity grew in tandem with its social dominance. Moreover, MATIC’s daily on-chain transaction volume in profit also increased, which can be attributed to the recent price gains.

Source: Santiment

However, CryptoQuant’s data revealed a few metrics that were concerning. For example, MATIC’s net deposits on exchanges are high compared to the seven-day average, indicating higher selling pressure. The exchange reserve also rose, yet again proving an increase in sell pressure. 

How much are 1,10,100 MATICs worth today?

The bull-run to continue?

MATIC’s daily chart painted a bullish picture as most of the market indicators were supportive of a continued surge. The MACD revealed that the bulls had the upper hand in the market.

MATIC’s Chaikin Money Flow (CMF) and On Balance Volume (OBV), despite registering a slight downtick, were relatively high. The Bollinger Bands indicated that MATIC’s price was in a high volatility zone, further increasing the chances of a price increase in the days to follow.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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