Polygon: MATIC analysis helps holders make the right decisions
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Polygon, despite its low price, has increased the number of daily active addresses on its network. One reason for the same could be Polygon's recent partnership with Nubank, a major financial institution in Brazil.
But the question remains, is this a relationship based on sustainable growth?
MATIC price prediction in 2022-2023
Polygon users growth by the development
As you can see in the image below, the number of daily active users on the Polygon network has shown tremendous growth over the past 30 days.
Previously, on September 20, the Polygon network registered 136 thousand daily active users. However, at the time of writing, the number is 326 thousand. This development may indicate positive interest on the part of Polygon users. And so it could imply a bullish future for MATIC in the short term.
The sudden interest in Polygon can be attributed to its growing number of collaborations. Regarding the partnership with Nubank, Polygon will help Nubank launch its own chain and Nucoin digital token.
This move will open the gateway for Nubank's 70 million users to the Web3 space and potentially migrate them to Polygon.
Polygon - some fishes swimming upstream
However, despite Polygon's rise in active users and Polygon's growing collaboration, the network is not showing the same level of growth in the Defi space.
The overall TVL collected by Polygon has decreased in recent weeks, as evidenced by the chart provided below.
Along with the TVL decline, Polygon's network growth also plummeted, which shows a lack of interest from new addresses.
However, in recent weeks, Polygon's numbers have increased, reaching 459 million at the time of publication. Another positive sign for investors will be an increase in the MVRV ratio, which is an uptrend at press time.
In addition, Polygon's barter output figures also increased. His reading hints at an investor's interest in accumulating. It can also be considered a bullish signal.
However, Polygon's price failed to capitalize on its recent bullish developments.
At press time, Polygon is trading at $0.84 after a 3.29% drop in the past 24 hours. In fact, its market capitalization also fell 3.10% during the same time period. However, its volume increased by 0.5%.
Oct 21, 2022