Polygon (MATIC) has been experiencing a decline in community exercise for the reason that broader crypto market retrace started in March.
Nevertheless, latest knowledge shared by the crypto analytic platform Santiment signifies a possible shift on this pattern.
Bullish Reversal for Polygon (MATIC)?
Polygon’s native token, MATIC, has misplaced over 17% of its worth up to now month alone because it traded largely beneath $0.52. Subsequent declines dragged the asset to the press time value of $0.43, but this might be a chance for patrons to amass it at a low valuation.
In its newest post on X, Santiment noticed there had been a notable rise in dormant token transactions on August twenty eighth, coinciding with the second-largest variety of Polygon addresses interacting with the community this yr.
In actual fact, a complete of three,369 addresses interacted on-chain on Polygon because the Age Consumed metric spiked to 69 billion MATIC on the identical day. Each of those metrics usually function precursors to market reversals.
As such, these alerts recommend that MATIC might be on the verge of a restoration, doubtlessly marking the start of a much-needed bullish part for the community because it emerges from its extended downtrend.
The Migration: MATIC to POL
The Polygon ecosystem is getting ready for the official change from MATIC to the POL token, scheduled for September 4 this yr. This improve will primarily see POL take over because the native gasoline and staking token for Polygon’s Proof of Stake (PoS) chain, reflecting an necessary milestone within the Polygon 2.0 roadmap launched final yr.
The POL improve was initially launched on the testnet on July 17 to facilitate a easy transition. The principle focus of this part was to detect and tackle potential points, permitting customers and builders to get accustomed to the brand new system earlier than the mainnet improve.
MATIC holders on the Polygon PoS chain will expertise an automated, seamless conversion to POL. The customers usually are not required to take any motion from their finish. Nevertheless, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges might want to improve manually via a migration contract on Ethereum, as reported earlier.
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