- Solana was still ahead of Ethereum and Polygon in daily transactions.
- While MATIC’s daily chart was red, a few market indicators and metrics looked bullish.
Polygon [MATIC] took the top spot in terms of network activity because it outperformed the rest. Not only was it able to beat all the popular L1s, but also the L2s in terms of a key metric, reflecting its increased adoption and usage.
The value and volume of the blockchain also registered an increase, which looked encouraging. However, after a comfortable bull rally, the price of MATIC witnessed a price correction in the past 24 hours. Will the token price drop negatively impact blockchain network activity?
Realistic or not, here it is MATIC market cap in BTC‘s conditions
Polygon’s network activity outperforms others
Narb, a popular Twitter handle that rightfully posts updates related to the crypto space pointed out how Polygon outperformed the rest in terms of daily active addresses.
The blockchain was ahead of the most popular blockchains such as Etheruem [ETH] And Solana [SOL] by a significant margin. While MATIC’s daily active addresses were over 365,000, Ethereum’s and Solana’s numbers stood at 300,000 and 250,000 respectively.
This directly reflected the popularity of Polygon and how its adoption has increased over the years, which was encouraging for the future prospects. However, it was interesting to see that despite MATIC’s high number of active addresses, Solana outperformed the two networks by a huge margin in terms of daily transactions.
Source: Artemis
To report MATICAccording to blockchain network stats, the blockchain’s TVL gained upward momentum, as did the DEX volume. An increase in DEX volume indicated that investors were willing to trade the token on decentralized platforms. Not only that, but the cost of the blockchain also increased on July 13, which is generally a positive sign for a network.
Source: Artemis
A look at the state of MATIC
While Polygon’s network activity remained promising, the price action did not. According to CoinMarketCap, the price of MATIC fell more than 2% in the past 24 hours, which was worrying. At press time, MATIC was trading at $0.7721 with a market cap of over $7 billion.
The good news was that the downtrend could end soon, the report said Mint glass, the public interest of MATIC increased. This possibility was also supported by some statistics. For example, MATIC’s foreign exchange reserve was decreasingsuggesting that the token was not under selling pressure.
Read Polygons [MATIC] Price Forecast 2023-24
Polygon’s exponential moving average (EMA) ribbon showed the possibility of a bullish crossover. The Moving Average Convergence Divergence (MACD) also revealed that the bulls led the market. This could help the token increase its price in the coming days. Nevertheless, the Money Flow Index (MFI) registered a downturn.
Source: TradingView