July 13, 2024

Brighton Journal

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Polygon dApp Size Surpasses $100 Million: Will This Help MATIC Price?

Polygon dApp Size Surpasses 0 Million: Will This Help MATIC Price?
  • Polygon’s dApp Polymarkets has generated over $100 million in volume and has also seen an increase in activity.
  • MATIC price and network growth decline.

Polygons [MATIC] The ecosystem has seen a lot of activity on its network. One of the reasons for Polygon’s success is the popularity of its decentralized applications.

Polymarkets shows promise

Polymarket, a decentralized app based on events and betting, has achieved over $100 million in volume as activity increases significantly.

More users attracted by popular decentralized applications like Polymarket translate into more users on the Polygon network overall.

Success stories like Polymarket are attracting more developers to create dApps on Polygon. This could create a wider range of applications 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 interact with decentralized applications, demand for MATIC for gas fees and other functions may rise.

Source: X

How’s Matic doing?

At the time of writing, MATIC is trading at $0.5524 and its price is down 1.08% over 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 bearish trend.

The Relative Strength Index (RSI) for MATIC stock also declined during this period, indicating that the bullish momentum around MATIC stock has diminished.

Besides, the total volume with which MATIC was traded also decreased by 30% over the past month.

However, MATIC’s CMF (Chaikin Money Flow) has grown significantly, meaning that the money flowing into MATIC has increased significantly in the past few days.

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If the high inflow of funds continues, the chances of a reversal increase. If MATIC can test the $0.5961 level and weaken, the price may aim to reclaim the $0.7413 level in the future.

Source: TradingView

Is your investment portfolio green? Check out MATIC’s dividend calculator

As for on-chain metrics, AMBCrypto’s analysis of Santiment data revealed that network growth has dropped significantly in the past few days, meaning new addresses have lost interest.

If this trend continues, the chances of MATIC price reversal may be severely affected.

Source: Santiment

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