Polygon: Are These Metrics Enough to Push MATIC to $1

The last couple of days has seen the Polygon community in a cheerful mode. As anticipated, MATIC shows promise following the Q2 debacle, growing bounds and leaps. Furthermore, the latest developments heightened investor hopes for the platform’s future as the FOMC conference approaches.

Polygon to New Highs Soon?

MATIC was reacting well to network development within the last few days. The alt has registered double-digit surges within the past 24 hours, changing hands around $0.76 during this publication.

Furthermore, Santiment cautioned investors in the latest tweet. The post alerted MATIC’s average traders at around 28% per month. Santiment added a ‘cooldown’ could be essential soon.

Recently, Disney revealed a Polygon partnership in the new accelerator package. Polygon will join the five companies in the Accelerator Program. That would see Disney focusing on non-fungible token (NFT) development.

The report stated that 2022’s Disney Accelerator concentrated on creating a future of top-notch experiences and focused on technologies like artificial intelligence, non-fungible tokens, and augmented reality.

Recent research highlighted other substantial developments within the Polygon network. Also, Polygon has published data indicating the network’s growth among other decentralized applications. For instance, Slinghost and Good Ghosting joined the top-20 performing decentralized applications (dApps).

Moreover, Polygon studios CEO Ryan Watt tweeted that 50 crypto projects migrated from Terra to Polygon. Precisely, this move shows a massive coup for MATIC’s community.

What About Data-Dive?

Meanwhile, Polygon’s metrics appeared to reflect a mixed basket for traders. The social dominance metric floundered over recent days. The metric could not grow even with Polygon’s updates. Meanwhile, that means decreased MATIC social media mentions by the cryptocurrency community.

Considering the 30-day MVRV, MATIC performed exceptionally within the last few days. MATIC’s MVRV has climbed towards 39% amidst the latest increased profitability.

That translated to surged promise, especially as lucrative development accompanied MATIC’s impressive growth. The question is, is that adequate to propel the altcoin to levels beyond $1? Only time can tell.

Enthusiasts should evaluate broad market sentiment to complement MATIC’s analysis. Bulls triggered recoveries today as the global crypto market capitalization reclaimed the coveted $1 trillion mark. Maintaining such tendencies would support Polygon’s upside journey.

Editorial credit: Postmodern Studio / shutterstock

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