Polygon value remained in a freefall this week, even as the community efficiency accelerated. POL token was buying and selling at $0.1290, near its all-time low after the conversion from MATIC final 12 months.
Polygon Transactions and Addresses are Hovering
Polygon value has slumped even as third-party information confirmed that it was one of many fastest-growing gamers within the crypto business. In keeping with Nansen, the variety of transactions on the community soared by 94% within the final 30 days. This progress made it the fourth-fastest-growing chain after Monad, Metis, and Base.
Polygon community can also be seeing extra consumer progress and charges. Its lively customers rose by 87% to 12.6 million. In distinction, different networks such as Base, ZkSync, Tron, and Sei misplaced customers throughout this era.
Polymarket’s ongoing growth is fueling Polygon’s progress. Polymarket has change into one of many fastest-growing gamers within the prediction market.
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Knowledge reveals that the decentralized alternate (DEX) quantity on Polygon rose to $278 million over the past 30 days and to $8.18 billion over the earlier 30 days.
Polymarket’s DEX quantity rose to $136 million within the final 24 hours and $3.7 billion within the earlier 30. Its efficiency in he community was larger than different standard chains ike Uniswap and Quickswap. This progress will probably speed up now that Polymarket has relaunched in the USA.
Polygon can also be seeing extra traction amongst firms. For instance, it was not too long ago chosen by Revolut, the $70 billion UK neobank, to deal with its stablecoin funds. In consequence, the variety of transactions within the community has soared. Its quantity in he final 30 days soared by 6.6% to $29 billion.
Polygon Price Technical Evaluation
The day by day chart reveals that the POL value has crashed regardless of its encouraging metrics. It has plunged from a excessive of $0.7672 in December final 12 months to $0.1292 immediately.
This decline is probably going as a result of rising competitors within the layer-2 business from networks like Base and Arbitrum. Polygon has additionally remained on the sidelines, with no firm submitting for its ETF.
Polygon value has remained beneath all transferring averages and the necessary assist degree at $0.1517, its lowest level in April final 12 months.
The token stays beneath the Supertrend indicator and the 50-day transferring common. Subsequently, the almost certainly situation is that it continues to fall, with the subsequent key degree to look at at $0.10. A transfer above the resistance $0.1517 will invalidate the bearish outlook.
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