The overall cryptocurrency market remains indecisive at the moment. Most digital coins didn’t show dramatic rises nor falls.
Also, MATIC trades somewhat steady without wild price swings. Interestingly, the crypto coin managed to surge 5% since last week but lost all the gains within 24 hours. Now, will the asset maintains the downtrends over the coming week? Or value rises?
MATIC Network Performance
Meanwhile, Polygon has not performed to what individuals expected when compared to different L2 scaling resolutions. As much as the network week-over-week revenues surged by 60.92%, the recent monetization and engagement numbers seem not appealing.
For example, daily active users plunged by 6.67%. That has never happened in about seven weeks. However, keep in mind that Polygon had its 3rd-highest user numbers at 146,822 over last week.
The increased daily users might see restrictions this month due to the recent lower retentions in cohorts. It might take some time before the retention rebound. Keep in mind that DAU (Daily Active Users) will only rise after the rebound.
As much as the platform saw user numbers decreasing, transaction numbers bounced over the 13-week low. That uptick resulted from the recent price actions by MATIC.
Meanwhile, 14 out of the 15 to DApps on the Polygon ecosystem DeFi- based. Furthermore, they have seen impressive performance over the past sessions. Moreover, Polygon base projects such as 1inch, AAVEM QuickSwap, and ApeSwap have seen their users increasing. That is a crucial development in the Polygon network.
For now, the gaming sector seems to dominate news headlines. Play-to-earn games continue to witness magnified demand. That has seen Polygon projects like Revv Racing, Chain Guardians, and Ember Sword expanding.
The gaming industry will usher in new blockchain fans. Polygon seems to benefits from such developments.
As the network expands, MATIC will undoubtedly hit record highs.
What of Near-Term?
For now, MATIC depicts bullishness. Keep in mind that the exchange net flows remained positive last month. That translates to individuals selling the Polygon’s MATIC tokens. That had exchange inflow volume increasing. Moreover, the asset’s trading volume has dropped to 1.2 billion from 2.2 billion last week.
For now, MATIC deals with massive resistance at the levels of $1.5 – $1.7. Meanwhile, the coin has never retested the former level since the 16 August rejection.
We have more updates coming your way. Stay tuned.