Assessing Polygon’s lack of momentum and why it isn’t completely at fault
Besides Bitcoin and Ethereum, every crypto-asset in the market has undergone consistent shuffling over the course of 2021. The market cap value between some of the top projects has been neck and neck. The difference between Cardano, XRP, and Polkadot, for instance, is only $5 billion from one to another, and that has been the story for most of the year.
However, one project which has significantly slid down the rankings since Q2 of 2021 is Polygon. It is currently ranked 19th on the charts, with a market cap of $13 billion.
In order to analyze its bullish credentials, we evaluated its on-chain data and market structure to understand where it is at.
Source: Trading View
If the daily chart is observed, Polygon has stagnated as much as proclaimed,
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