In the labyrinth of blockchain possibilities, Polygon (MATIC) continues to hold its ground above the $0.50 mark, brushing aside some anticipations of a slump below the support level. Currently trading at $0.51, this resilient stride sustains in spite of a lukewarm trading year corresponding to the larger altcoin market. A slight deviation below $0.50 early this month only accentuated the token’s recuperative traits, defying the fact that MATIC holders have been quite busy in transferring the tokens to exchanges.
Nevertheless, under the mirth-tinged bearish pressure, the bulls have managed to leave their footprints. Their efforts to propel the token north of the $0.50 mark can’t be overlooked. The past couple of days witnessed some accelerating metrics lending credence to a potential bullish upswing; trading volume and network activities, to name a few. Over the last day, trading volume soared by 18% on major exchanges, placing MATIC 13th amongst big-league coins while the Ethereum layer 2 network marked its highest point in 50 days with 4,621 transactions on September 22.
But stopping short of raining on the parade, notwithstanding these encouraging signals, the increased network operations haven’t quite managed to hit the daily 4,000-mark chatter post September 22. With the announcement of Binance to delist Polygon’s non-fungible tokens from its marketplace on September 26 came the turbulence that witnessed over 3.5 million tokens moving to exchanges over the next three days. This has fuelled speculations of an imminent sale; it’s common for holders to transfer tokens to exchanges in anticipation of a price spurt.
Looking beyond these blows, some strategic moves by Polygon play a significant role in fuelling bull optimism. Behind the enigmatic token code MATIC are robust upgrades rolled out by the company over recent months, countering the bearish vibes. Notably, the launch of zkEVM testnet on August 11, a collaboration between Polygon Labs and Immutable, is one such move, bringing forth a promising architecture for scaling, enhanced security, and lower costs for the Ethereum blockchain.
In a bid to reward users, Polygon’s introduction of the Lufthansa Uptrip Loyalty Program offers NFT-based rewards for flights. The scheme encourages users to gather specific collections that render tailored prizes, giving the term ‘loyalty’ a digital/crypto dimension.
With increased network activity and recent innovations aligning with bullish sentiments, the likelihood of MATIC trading below $0.50 appears less significant. Yet, only time will decide the twists and turns it does take in this crypto rollercoaster.
Source: Cryptonews
