Traders shorting MATIC in current market should read this
Polygon has been grabbing the headlines in recent days. Its native token MATIC has been pushing towards the $1 resistance with all force. The development updates on Polygon provided a solid foundation for MATIC to flourish in. Now, on-chain metrics are suggesting that $1 could be the very next target.
The euphoria surrounding Polygon reached a new height on 18 July as MATIC crossed the $0.90 mark. This followed after the token shot off the roof in a 19.5% bullish surge post 17 July.
Analytics firm Santiment reported that MATIC jumped by 63% in the past week with a rampant increase in network activity.
In the third quarter of 2022, projects like MATIC “have made up for its losses quickly.” It goes on to show that address activity has also been rising, showing an “intriguing divergence.”
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