{"id":358278,"date":"2023-12-12T09:00:59","date_gmt":"2023-12-12T03:30:59","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=358278"},"modified":"2023-12-11T15:53:47","modified_gmt":"2023-12-11T10:23:47","slug":"a-look-at-matics-dropping-price-as-network-activity-goes-high","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/a-look-at-matics-dropping-price-as-network-activity-goes-high\/","title":{"rendered":"A look at MATIC&#8217;s dropping price as network activity goes high\u00a0"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Polygon\u2019s NFT ecosystem has seen a boom over the last few days\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators remain bearish for MATIC<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Polygon<\/span><span style=\"font-weight: 400;\"> witnessed a massive surge in its network activity over the last few days. However, while that happened, MATIC&#8217;s price remained under the bears\u2019 influence. This was evidenced by the fact that its daily chart was red, thanks to the bearish market condition.<\/span><\/p>\n<h3>On the right track<\/h3>\n<p><span style=\"font-weight: 400;\">Today In Polygon, a popular X (formerly known as Twitter) handle, recently shared a tweet highlighting Polygon\u2019s recent achievements. As per the same, Polygon PoS daily transactions have risen by 500%+ over the last 3 months alone.\u00a0<\/span><\/p>\n<p>https:\/\/twitter.com\/TodayInPolygon\/status\/1733497203962810579?t=2nhzyzbHILF5uJEx8DUcmA&#038;s=19<\/p>\n<p><span style=\"font-weight: 400;\">The blockchain\u2019s achievements did not end there, however. For example &#8211; Polygon PoS hit 3.3 billion total transactions. Additionally, the blockchain&#8217;s EVM roll-up also touched new highs last week. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Polygon zkEVM TVL hit an all-time high of $120 million. Polygon zkEVM also <a href=\"https:\/\/twitter.com\/TodayInPolygon\/status\/1733233387593146643\" target=\"_blank\" rel=\"noopener\">passed<\/a> $200 million in total deposits, reflecting the hike in the roll-up\u2019s usage and adoption over the last few months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from these developments, the blockchain also recorded an achievement in its NFT ecosystem.<\/span> <a href=\"http:\/\/ambcrypto.com\/how-matic-reacted-to-polygons-surging-network-activity\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s NFT sales volume appreciated by 129% over the last 7 days. To verify the same, AMBCrypto had a look at CRYPTOSLAM\u2019s<\/span> <a href=\"https:\/\/www.cryptoslam.io\/blockchains\/polygon?headerPeriod=30d\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a> too. W<span style=\"font-weight: 400;\">e found out that Polygon NFTs&#8217; total number of buyers and sellers both surged by over 18% in the last 30 days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, despite the hike in buyers and sellers, the blockchain\u2019s total sales volume dropped by over 3% in the last 30 days.\u00a0<\/span><\/p>\n<figure id=\"attachment_358279\" aria-describedby=\"caption-attachment-358279\" style=\"width: 1076px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/CRYPTOSLAM-MATIC.png\"><img decoding=\"async\" class=\"wp-image-358279 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/CRYPTOSLAM-MATIC.png\" alt=\"\" width=\"1076\" height=\"253\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/CRYPTOSLAM-MATIC.png 1076w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/CRYPTOSLAM-MATIC-300x71.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/CRYPTOSLAM-MATIC-1024x241.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/CRYPTOSLAM-MATIC-768x181.png 768w\" sizes=\"(max-width: 1076px) 100vw, 1076px\" \/><\/a><figcaption id=\"caption-attachment-358279\" class=\"wp-caption-text\">Source: CRYPTOSLAM<\/figcaption><\/figure>\n<h3>What do the price charts say?<\/h3>\n<p><span style=\"font-weight: 400;\">While the blockchain hit new highs in terms of activity, MATIC&#8217;s price action turned bearish on the charts. According to<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/polygon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, MATIC was down by more than 5% in just 24 hours. At the time of writing, it was trading at $0.8513 with a market capitalization of over $7.9 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To see what went wrong, <\/span><span style=\"font-weight: 400;\">AMBCrypto had a look at Polygon\u2019s on-chain metrics. Despite the drop in price,<\/span> <a href=\"http:\/\/ambcrypto.com\/polygon-offers-90-mln-worth-of-grants-to-lure-in-developers-details-here\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s MVRV ratio remained at a high level. Its network growth was also high, meaning that more new addresses were created to transfer the token. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, its exchange inflow dropped last week &#8211; A sign that selling pressure was low.<\/span><\/p>\n<figure id=\"attachment_358280\" aria-describedby=\"caption-attachment-358280\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023.png\"><img decoding=\"async\" class=\"wp-image-358280 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/Polygon-on-Ethereum-MATIC-14.44.22-11-Dec-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-358280\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here&#8217;s<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC market cap in BTC<\/span><\/a><span style=\"font-weight: 400;\">&#8216;s terms<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Worth pointing out though that it can go worse as MATIC&#8217;s MACD has been flashing chances of a bearish crossover. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally,<\/span> <a href=\"http:\/\/ambcrypto.com\/what-polygons-partnership-with-near-protocol-means-for-you\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MATIC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s Relative Strength Index (RSI) registered a sharp downtick. This can contribute to a further drop in the token\u2019s price over the next few days.<\/span><\/p>\n<figure id=\"attachment_358281\" aria-describedby=\"caption-attachment-358281\" style=\"width: 1815px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08.png\"><img decoding=\"async\" class=\"wp-image-358281 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08.png\" alt=\"\" width=\"1815\" height=\"792\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08.png 1815w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08-300x131.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08-1024x447.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08-768x335.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/12\/MATICUSDT_2023-12-11_14-46-08-1536x670.png 1536w\" sizes=\"(max-width: 1815px) 100vw, 1815px\" \/><\/a><figcaption id=\"caption-attachment-358281\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>MATIC&#8217;s price fell while network activity rose. This is curious because&#8230;<\/p>\n","protected":false},"author":75,"featured_media":358283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[1266],"class_list":["post-358278","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view","tag-matic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A look at MATIC&#039;s dropping price as network activity goes high\u00a0 - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Polygon [MATIC] saw a massive surge in its network activity over the last few days, with the same being a sign of...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/a-look-at-matics-dropping-price-as-network-activity-goes-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A look at MATIC&#039;s dropping price as network activity goes high\u00a0 - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"MATIC&#039;s price fell while network activity rose. 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