Polygon Network continues to see impressive growth within its ecosystem. Just a day earlier, Polygon’s title deed issued 13.87% of the total supply to the title deed of incorporation.
After a major development, the original symbol experienced major movements.
up or down?
After the network opened the token, a mass awakening of MATIC addresses was observed on Santiment. Here, the addresses of a large number of idle tokens have been changed as the life span of the token has risen to a high of 1.66 trillion.
These spikes usually indicate the direction of the price trend.
on the other side, ribbedThe average age of the dollar has decreased, which confirms the fact that old and idle addresses moved a significant portion of the coins.
The spent token life meter shows how many tokens changed addresses on a given date, multiplied by the number of days since the last transfer.
Indeed, a useful metric for understanding the direction of price movements. But this alone is not enough to obtain clarity.
Looking at some of the other metrics can give a better idea of whether to buy or sell.
Consider this – the ratio of MVRV recovered and showed a positive impact on the market value of the asset.
Thus, showing increased interest in the token. Also, it shows that the token remains in the midst of an accumulation phase.
The whales have supported the above narrative.
According to data from the whale-watching service WhaleStats, an Ethereum whale (Bonobo) has invested more than $14 million over the past few days.
made the first shopping $1.1 million in main tokens, and later acquired another $1.9 million for a total of over 2.1 million tokens.
In general, all the mentioned insights point to strong price action in the short term.
Mostly, it faces the north side. However, a strong performance in the second quarter is needed to support a potential rally.
However, the possibility of a regression cannot be excluded. Hence, traders/investors should exercise caution before relying too heavily on MATIC.