- Polygon’s Polymarkets app has generated over $100 million in volume and has also seen an increase in activity.
- MATIC price declines and network growth.
Polygons [MATIC] The ecosystem has seen a significant amount of activity on its network. One of the reasons for Polygon’s success is the popularity of its decentralized applications.
Polymarkets shows promise
Polymarket, an event-based and betting decentralized app, has generated over $100 million in volume with activity skyrocketing.
Attracting more users to popular decentralized applications like Polymarket increases the number of users on the Polygon network overall.
Success stories like Polymarket are attracting more developers to create dApps on Polygon. This can lead to a wide range of applications built on the platform, further enriching the Polygon ecosystem.
Increased adoption and network activity could positively impact the price of MATIC, Polygon’s native token. As more users engage with decentralized applications, demand for MATIC for gas fees and other functions could rise.
Source:X
How is MATIC?
At the time of writing, MATIC is trading at $0.5524, and its price has fallen by 1.08% in the past 24 hours. Since June 7, the price of MATIC has declined significantly.
During this period, MATIC price showed several lower lows and lower highs, indicating a downward trend.
The Relative Strength Index (RSI) for MATIC stock also declined during this period, indicating that the bullish momentum around MATIC stock has diminished.
In addition, MATIC stock’s total trading volume decreased by 30% over the past month.
However, MATIC’s CMF (Chaikin Money Flow) has grown significantly, which means that funds flowing into MATIC have risen significantly in the past few days.
If high money flow continues, the chances of reversal increase. If MATIC can test and weaken the $0.5961 level, the price may aim to reclaim the $0.7413 level in the future.
Source: Trading View
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In terms of on-chain metrics, AMBCrypto’s analysis of Santiment data revealed that network growth has dropped significantly in the past few days, implying that new addresses have lost interest.
If this trend continues, the chances of MATIC price reversal may be severely affected.
Source: Santiment