ribbed [MATIC] at recent days message On September 7, it was reported that their business will be greener after Ethereum [ETH] to merge.
with ETH Moving on to Proof of Stake (PoS), the Polygon team estimated that 99.91% of carbon emissions would be reduced.
The decline in Polygon’s CO2 emissions pushed the price of MATIC in an upward direction. The alternative has seen a price increase of 5.04% in the past 24 hours. The recent green announcement could be the reason for this bullish future.
Go to greener pastures
According to Twitter, most of them have CO2 emissions in Polygon It stems from chain activity on the ETH layer. Much of the carbon footprint is due to Polygon’s Proof of Work (PoW) aspect. However, after merging, these emissions will be significantly reduced.
This announcement was well received online and the hype surrounding Polygon continues to grow. according to moon crushThere was one 9.1% increase in social engagement with respect to Polygon.
But this is not the only good news. There has been a noticeable increase in Polygon’s development activity, which indicates the possibility of more updates and features coming to the L2 series. This may attract interest from investors looking to capitalize on Polygon’s growth.
Besides the development activity, Polygon’s trading volume has also increased, having enjoyed a quiet period for some time. This can also be considered a positive sign for MATIC.
Each of the above metrics and their path can be seen in the Santiment graph added below.
Same old problem
While the fundamentals seem to be in Polygon’s favour, price still has a long way to go. The price has been trading between 0.90 and 0.79 levels for some time now. The Relative Strength Index (RSI), at the time of writing, was at 45.30, indicating that the momentum was somewhat with the sellers.
Chaikin Money Flow (CMF) was well below zero at -0.19 which indicates that there is not a lot of money flowing in the direction of Polygon.
Although Polygon has made a lot of progressReaders are advised to exercise caution. With the current market situation, some fluctuations are expected in the short term.