July 17, 2024

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Polygon dApp exceeds $100 million: will this help determine the price of MATIC?

Polygon dApp exceeds 0 million: will this help determine the price of MATIC?
  • Polygon’s Polymarkets app has generated over $100 million in volume and has also seen an increase in activity.
  • MATIC price and network growth decreased.

Polygons [MATIC] The ecosystem has seen a significant amount of activity on its network. One of the reasons for Polygon’s success is the popularity of its decentralized applications.

Polymarkets shows promise

Polymarket, an event-based betting app, has generated over $100 million in volume as activity has increased significantly.

More users attracted by popular decentralized applications like Polymarket translate into more users on the Polygon network overall.

Success stories like Polymarket are attracting more developers to create dApps on Polygon. This can lead to a wide range of applications built on the platform, further enriching the Polygon ecosystem.

Increased adoption and network activity may positively impact the price of MATIC, Polygon’s native token. As more users interact with decentralized applications, demand for MATIC for gas fees and other functions may rise.


How is MATIC doing?

At the time of writing, MATIC is trading at $0.5524 and its price is down 1.08% over the past 24 hours. Since June 7, the price of MATIC has declined significantly.

During this period, MATIC price showed several lower lows and lower highs, indicating a bearish trend.

The Relative Strength Index (RSI) for MATIC stock also declined during this period, indicating that the bullish momentum around MATIC stock has diminished.

In addition, MATIC stock’s total trading volume decreased by 30% over the past month.

However, MATIC’s CMF (Chaikin Money Flow) has grown significantly, meaning that the money flowing into MATIC has increased significantly in the past few days.

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If money flow continues to rise, the chances of reversal rise. If MATIC can test and weaken the $0.5961 level, the price may aim to reclaim $0.7413 in the future.

Source: TradingView

Is your wallet green? Check out the MATIC profit calculator

As for on-chain metrics, AMBCrypto’s analysis of Santiment data revealed that network growth has dropped significantly in the past few days, meaning new addresses have lost interest.

If this trend continues, the chances of a MATIC price reversal may be severely affected.

Source: Santiment