In short

• Over the last 10 exchanging days, Polygon (MATIC) cost has neglected to recover the $0.60 domain, slipping as low as $0.53 as the bears stay in firm control.
• Sandeep Nailwal, co-founder of Polygon, recently provided an update that may reduce the positive divergence that exists between MATIC price and Network Activity.
• In spite of the cost downtrend, MATIC dynamic locations have expanded by 30% throughout the last week.

The price of Polygon (MATIC) has remained below $0.60 for the past ten trading days. On-chain markers investigate how MATIC cost could respond decidedly to a new X (Twitter) update from Prime supporter Sandeep Nailwal.

On August 28, Polygon Fellow benefactor Sandeep Nailwal gave a report on the proposed movement MATIC to another POL Token. Quite, Sandeep made sense of how clients can undoubtedly relocate to POL without losing prizes on MATIC that are at present marked.

Can this update boost network activity in the coming days after months of uncertainty that followed the Polygon 2.0 tokenomics announcement in July 2023?

A Further Increase in Polygon Network Activity Could Trigger a Price Rebound

Since the August 17 altcoin market decline, MATIC’s cost has remained established beneath $0.60. Nonetheless, a basic gander at the hidden on-chain information shows that Polygon’s financial movement is presently getting back to its standard levels.

On August 20, the Polygon network recorded 182,370 Dynamic Locations, its least since May 7, 2023. Be that as it may, as of August 28, it has now arrived at 238,690 Dynamic Locations, edging nearer to levels recorded before the August 17 glimmer crash.

The daily number of wallet addresses performing transactions is summed up in the Active Addresses metric. As more users acquire units of the native token to use in transactions, a steady rise in Daily Active Addresses frequently leads to increased market demand.

Prominently, the graph above shows that notwithstanding the 20% cost retracement from August 15, MATIC network action has really expanded by 30%. Such a positive uniqueness among cost and organization support frequently demonstrates an inescapable bullish inversion.

Besides, the new “POL token” update given by Sandeep could help MATIC holders’ certainty and further increment network movement before very long.

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Negative Social Sentiment Could Drive a Trend Reversal

Social sentiment regarding the MATIC price has recently turned negative after weeks of stagnation. As per information winnowed from Santiment, MATIC Weighted Opinion started to decline around August 25. It is currently hovering around -0.55 as of August 28.

The Weighted Opinion metric assesses the general state of mind encompassing a specific blockchain local area. It analyzes the quantity of positive remarks about the venture to the negatives.

Strategic investors may interpret a drop in Weighted Sentiment in the negative zone during a price correction as an ideal opportunity to buy the dip. Investors buying the dip could raise MATIC’s price if this premise is true.

All in all, the Polygon Fellow benefactor’s new update could flip the negative feeling encompassing MATIC and unintentionally drive MATIC’s cost into recuperation mode.

MATIC Price Prediction: Potential Bullish Rebound Above $0.60

The key indicators examined above may see MATIC’s price reclaim the $0.60 range despite the prevalent negative sentiment.

This prediction is also supported by the In/Out of Money Around Price data, which shows the distribution of current Polygon investors’ purchase prices.

However, it reveals that 24,8 million MATIC tokens had been purchased by 4,320 addresses at an average price of $0.58. They could present significant opposition assuming they sell early.

In any case, in the event that the Polygon prime supporter’s update heightens network movement as anticipated, the bulls will probably recover $0.60.

However, bears could maintain control and force a move below $0.50 if the market FUD expands. Despite the fact that 16.7 million MATIC had been purchased by 2,680 addresses for an average of $0.55. On the off chance that they HODL, MATIC’s cost will probably bounce back.

However, assuming that help level caverns, Polygon cost could ultimately dip under $0.50.