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Polygon (MATIC) has had a busy week due to several significant developments that have taken place in the past few days. Today In Polygon recently tweeted highlighting most of the noteworthy developments from last week. As these developments unfolded, MATIC managed to increase its price.
Polygon Partnerships!
Today In Polygon recently tweeted emphasizing how blockchain development has performed in the past seven days. The most notable development last week was related to Polygon 2.0. The highly anticipated Polygon 2.0 POL contracts recently went live on the testnet.
The POL contracts were deployed on the Goerli testnet, and two proposals were implemented, which revealed potential changes required in the native token burning mechanism for future upgrades. Another significant development was the partnership between Polygon and Google Cloud. Google announced that it has become a validator for the Polygon Blockchain.
Additionally, the total transactions on the zkEVM of the blockchain reached new highs, surpassing 6 million in total. The unique addresses on the network also exceeded the 450,000 mark last week. Last week was profitable for MATIC as well due to the gains recorded by the token. The token’s price increased by more than 4% in the past seven days. However, things changed with a price drop in the last 24 hours.
Current Status of MATIC
According to CoinMarketCap, MATIC’s price dropped by over 2% yesterday. At the time of writing, it was trading at $0.5634 and had a market capitalization of over $5.2 billion. Despite the recent price drop, it may be surprising to see that the token’s MVRV ratio was still high last week.
The social volume also remained high, reflecting the popularity of the token. However, there may be a potential for further deterioration for MATIC. Analysts examining the token’s daily chart noted a sharp decline in the Chaikin Money Flow (CMF), which went well below the neutral level. The Relative Strength Index (RSI) also experienced a slight decrease as it approached the neutral level. However, MATIC’s MACD showed a bullish trend, favoring the buyers.
