Polygon [MATIC]: The yin and yang of network growth and price movement

• The Polygon community skilled a divergence between its community development and value motion.
• The migration of Y00ts NFT to Polygon might increase community development and MATIC’s value.

The Polygon [MATIC] community has been going by an enchanting phenomenon the place its community development and value motion diverged. Regardless of this, there’s purpose to imagine that an uptrend in one in all these metrics might propel the token, however provided that it may be sustained over time.

Learn Polygon’s [MATIC] Value Prediction 2023-2024

The optimistic and damaging Polygon divergence

In line with information from Santiment, Polygon’s community development declined on 21 January and continued to take action till round 19 February. Curiously, throughout this era of community decline, the value of MATIC moved in the other way.

Nonetheless, this divergence was not a optimistic signal, because it lacked new addresses to contribute to transaction quantity, leading to a bearish development.

As a result of bearish divergence, the value of Polygon’s token skilled a pointy decline of as much as 40%. Nonetheless, issues appeared up in March because the community development elevated once more, coinciding with a correction within the MATIC token’s value.

This time round, the divergence between community development and value was bullish, and it’s anticipated to impression the value of MATIC positively going ahead.

MATIC value development and 30-day MVRV

After reaching the $1.5 value stage on 17 February, MATIC’s value has been on a constant downtrend, leading to a lack of nearly 30% in worth. As of this writing, the token was buying and selling at round $1.1 with a acquire of over 1%.

Supply: TradingView

The Transferring Common Convergence Divergence (MACD) indicator urged that Polygon was in a bearish development at press time. The MACD flipped beneath the zero line on the every day time-frame, indicating a bearish development. Nonetheless, the bearish development was comparatively weak.

Moreover, the 30-day Market Worth to Realized Worth ratio (MVRV) of MATIC has been beneath zero since 18 March. As of this writing, the MVRV stood at -2.64%. It mirrored the current decline in value and urged that the token was barely undervalued.

Supply: Santiment

Can NFT addition increase community development?

A current improvement on the Polygon community was the migration of Y00ts’ NFT to the community. As of Polygon’s publish on 30 March, Y00ts had already accomplished over 75% of the migration course of.

Furthermore, the NFT commerce rely additionally elevated considerably, particularly since 15 March. As of this writing, the overall NFT gross sales quantity has exceeded 3 million. With the migration of Y00ts to the Polygon system, an uptick within the community’s development is predicted as new customers flocked to the community.

Supply: Santiment

How a lot is 1,10,100 MATIC price at the moment?

If the community development on Polygon continues to rise, the value of MATIC might see a surge. The rise in community development signifies that extra addresses are being created, rising the variety of transactions being processed.

In consequence, there’s a robust probability for an uptick in demand for the MATIC token, which might drive up its value.