With the cooling of the market in August, the excitement of the rise is once again in the foreground. Especially the MATIC token has shown a significant upward trend, but is this a sign of a major rise?
Has the Decline in MATIC Completed?
MATIC completed the month of August with the return of the sentiment of upward movement after a month of overall decline. This can be seen from the weighted sensitivity metric, which aggressively reached its highest level in four weeks in the last three days. It confirmed that investors are directing their expectations towards the rise.
In addition to the increase in weighted sensitivity, MATIC’s on-chain volume also significantly increased during the same period. These findings indicated a significant increase in on-chain activity. Considering that MATIC recently hit bottom and slightly rebounded from the bottom level, the timing situation can be even more interesting.
Possible Price Movements in MATIC!
MATIC rose by 18% from the lowest levels of August to $0.63 during Tuesday’s trading. It has since slightly pulled back and is trading at $0.57 at the time of writing. MATIC’s recent rise allowed it to bounce from oversold territory. The last time the token was oversold was in mid-June. Bulls took control and managed to achieve a gain of over 50%. Furthermore, the ongoing price movement may indicate a recurrence of history. Additionally, Polygon may actively work to strengthen its commitment to the Ethereum network.
One of the main goals of this development may be to facilitate deposit yields on the Ethereum network. It can also help maintain Polygon’s attractiveness among users. The impact of the benefit may not necessarily be significant on MATIC’s price movement. According to the token’s supply distribution metric, there has been some accumulation in recent periods, particularly from whales holding between 1 million and 100 million MATIC in the last 24 hours. Additionally, addresses holding between 100 million and 1 billion MATIC have alleviated selling pressure.