With the e-trading platform geared towards expanding its crypto-offerings, yesterday, Robinhood announced the addition of Shiba Inu ($SHIB), Solana ($SOL), Polygon ($MATIC) and Compound ($COMP). Thanks to the same, these altcoins are now exposed to a new crop of investors. And, this might drive the value of assets up.
Now, will this be the case as far as MATIC is concerned?
Robinhood to the rescue?
Following the announcement yesterday, on-chain analysis for a 24-hour window (11 April – 12 April) revealed a 44% spike in transaction volume. In fact, the same hiked from $145.06M to $209.48M.
Similarly, at the time of writing, the trading volume for the coin stood at $811.32M, a 21% increase from figures of $668.91M a day prior.
A brief observation of Whale Transaction Counts also seemed to underline the altcoin’s good performance over the last 24 hours.
For transactions of over $100,000, no significant variation was recorded within the aforementioned 24-hour period. However, a look at the Whale Transaction Count for transactions over $1M revealed a significant move.
The same rose from 24 whale transactions to 38 whale transactions following the announcement. This is an indication of an additional 14 heavy-hitters accumulating MATIC.
Furthermore, network growth analysis revealed a spike in the number of new addresses registered on the network. New addresses on the network hiked from 1.8k to 2.3k in 24 hours. In fact, active users also appreciated from 3.89k to 4.22k.
Movement on the price charts
As expected, significant movement was also seen on the price chart. The crypto registered a 5% spike as the price rallied beyond the $1.40-region. Prior to the announcement, the RSI was around 35. However, at the time of writing, the RSI was at the end of an uptick as it closed in on the neutral 50 position.
Momentum was confirmed by the Money Flow Index (MFI). At press time, the MFI had crossed its immediate zone and was reaching for the neutral 50 position.
On the contrary, the 50 EMA was placed just above the price – A sign of a looming bearish run and a downward trend.
What to expect going forward
On what to expect for the altcoin, well, CoinPriceForecast projects an end-of-year value of $1.86. By December, DigitalCoin opines that the coin will approach the $1.90 region. For Wallet Investor, the crypto is likely to be above the $2-price mark within the next 56 weeks.
The best projection, however, can be found on MATIC’s charts after a close inspection of its metrics though.