- Polygon Relative Strength Index (RSI) was oversold.
- Additionally, most of the metrics supported higher prices.
In the midst of the cryptocurrency winter, ribbed [MATIC] Showed signs of recovery. to me CoinMarketCapThe price of MATIC is up almost 2% in the past 7 days. At the time of writing, it is valued at $0.8121 with a market capitalization of over $7 billion.
42.63 runs high on the cards If MATIC reaches the Bitcoin market cap?
Investors can rejoice
According to CryptoQuant, the Relative Strength Index (RSI) for MATIC was in an oversold mode at the time of publication. Thus, the probability of price hikes increases in the coming days.
Interestingly, Sandeep Nailwal recently revealed some stats regarding Polygon, which reflect the ability of the network to grow further. He tweeted that “The Polygon Bridge is the most battle tested of all bridges”. The funds of 80 billion users have been bridged without any loss to the user, and the bridge has been operated by more than 100 auditors.
.@0xPolygon The bridge is the most battle tested bridge ever!
– 80 billion user funds have been blocked with absolutely no user losses!
– Bridge is supported by more than 100 validators
– Contains 5-8 multisig has upgrade rights with 2 days time lock (to be handed over soon to governance) https://t.co/Z49ibk01Dx
– Sandeep | Polygon 💜 Top 3 by influence (@sandeepnailwal) December 26, 2022
Although this new statistic sounds very promising, let’s check it out ribbedOn-chain statistics to understand if additional price hikes are possible on the closing days of 2022.
Read polygons [MATIC] predict the price 2023-24
What do the measurements indicate?
In addition to RSI, matForeign exchange reserves also declined, which was also a positive sign as it indicated less selling pressure. Polygon’s total conversion volume and active addresses have also increased, which increases the chances of a price increase.
Additionally, Santiment Chart revealed that MATIC has managed to maintain its popularity in the cryptocurrency industry as its social volume has been on the rise in the past few days. However, MATIC’s network growth slowed down after the surge on December 25th, which could be a cause for concern.
unless, matThe NFT ecosystem has also been growing in recent days, which could provide a good start to the coming year.
For example OrbCity more dangerous that he will transfer to Polygon in the first quarter of 2023. In addition, there are also y00ts open Similar plan to migrate to Polygon, which greatly increases demand and reliability in the Polygon NFT ecosystem.
Thanks to this development, Polygon’s total NFT trading and USD trading volume recorded an increase over the past week, paving the way for a good start to 2023.