Polygon: Exploring factors that could initiate MATIC’s southward journey
Polygon [MATIC] showed promising price movements and managed to maintain some hope for better days ahead. MATIC registered a 3% growth in the last 24 hours and was trading at $0.7709, during press time.
Not only did MATIC witness a positive price movement, but the token’s popularity also witnessed a surge. MATIC was among the top cryptos in terms of trending searches on the crypto exchange CoinGecko.
— ?? CryptoDep #StandWithUkraine ?? (@Crypto_Dep) September 29, 2022
While MATIC’s popularity rose, several interesting developments occurred in the Polygon ecosystem that may show some potential to pump the alt’s price in the coming week. Interestingly, MATIC on-chain metrics also indicated a similar outcome.
An upcoming turn of events
Polygon recently announced that it has integrated the Push protocol, which was earlier known as the Ethereum Push Notification Service (EPNS).
This can be considered a promising development in the ecosystem. This is because it would help Polygon provide better Web3-native communication to Polygon apps and active users.
This will enable seamless, web3-native communication to thousands of Polygon apps and millions of active users. pic.twitter.com/04lux4QwWO
— Polygon – MATIC ? (@0xPolygon) September 29, 2022
Commenting on the push protocol integration, Polygon mentioned,
“Integrating Push Protocol addresses the lack of communication between apps and users. Thus improving the overall user experience in Web3.”
Apart from this, Polygon also recently announced zkEVM, which is a promising path to scaling Ethereum and would bring cheaper transactions to Ethereum. With all these developments happening in the community, the future of MATIC looked good.
Polygon’s zkEVM will bring cheaper transactions to #Ethereum.
Are you holding your $MATIC bags?
— The Moon | Carl (@TheMoonCarl) September 29, 2022
All good, but here is the catch
A look at MATIC on-chain metrics also painted a somewhat promising picture, as most metrics supported a possible uptick in the coming days. For instance, MATIC’s 30-day Market Value to Realized Value (MVRV) Ratio went up over the last week. This was a positive signal.
Furthermore, MATIC’s exchange outflow also registered a spike in the last two days, which was again a bullish sign.
While several metrics were in favor of MATIC, a few of them suggested otherwise. Santiment’s chart revealed that MATIC’s development activity declined over the last week, which, by and large, was a negative signal.
Furthermore, despite the aforementioned promising developments, MATIC failed to attract more attention from the crypto community on social media as its social mentions witnessed a drop.
Therefore, considering all the metrics and developments, things mostly seemed to be working in MATIC’s favor. However, traders and investors should be cautious before deciding to invest in the alt.