Polygon Network Active Addresses Just Hit A New Yearly High, But Why Is MATIC Price Down?

Quick Summary:

Polygon Network Activity Hits Yearly High According to on-chain data from Santiment, the participation of addresses on the Polygon network surged dramatically following the announcement of the token migration.

This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be likely selling after moving into profitability, thereby exerting downward pressure on the price.

Related Reading: Crypto Analyst Says Think Bigger’, Bitcoin Price Is Headed To $100,000 A deeper analysis of the on-chain data reveals that this surge represents a significant departure from the previous trend.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Maticusdt Polygon network Polygon news MATICUSD MATIC Price MATIC Polygon Price Polygon MATIC news

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-22 @ 21:30:55 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 458 words

Reading Time: 3 minutes read

Sentences: 70 lines

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Copyright Owner: © NewsBTC

News ID: 21738897

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