Summary:
- Polygon’s on-chain activity has seen a notable increase despite the bearish trend in the crypto market.
- An increase in active addresses and dormant coin movement on Polygon suggests a potential reversal for MATIC.
- The Age Consumed metric indicates a shift in sentiment for long-term holders and may precede significant price changes.
Polygon’s Growing On-Chain Activity
Polygon has experienced a significant surge in dormant MATIC coins on the move, as indicated by the Age Consumed metric. This metric tracks the movement of long-held tokens, signaling potential market activity.
Significant Increase in Daily Active Addresses
Santiment’s data shows a sharp rise in daily active addresses on the Polygon network, with over 3,300 addresses interacting on-chain. This spike in active addresses coincides with a notable increase in the Age Consumed metric, highlighting growing investor interest.
Implications of On-Chain Activity
The sharp increase in on-chain activity, including active addresses and dormant coin movement, suggests a possible reversal for MATIC. Despite the altcoin’s price drop, the Age Consumed measure indicates that investors may see this as an opportunity to accumulate at lower levels.
