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The Polygon Network continues to see impressive growth in its ecosystem. Just a day ago, the Polygon contract address released 13.87% of the total commission on the fundamental contract address.
Following the significant development, the native token has seen key moves.
Up or down?
After the network, unlocking tokens, mass awakening of MATIC addresses was observed in Santiment. Here, a significant amount of idle tokens changed addresses as the token age consumed reached a whopping high of 1.66 trillion.
These spikes usually indicate a price trend direction.
Secondly, PolygonThe average age of the dollar decreased, highlighting the fact that older, dormant addresses moved a large chunk of coins.
Source: Sentiment
The Token Consumption Age metric shows the number of tokens changing addresses on a given date, multiplied by the number of days since their last move.
Indeed, a useful metric for understanding the direction of price movements. But this alone cannot be enough to make it clear.
Looking at a few more measurements could give a better idea of whether you should go long or short.
Consider this – the MVRV index rebounded and showed a positive impact on the market value of the asset.
In this way, demonstrating a growing interest in the token. Also, showing that the token remains in the accumulation phase.
opportunists
The whales supported the aforementioned narrative.
According to data from whale-watching service WhaleStats, the Ethereum whale (bonobo) has surpassed $14 million in recent days.
He made an initial Buy $1.1 million in the top token and later acquired another $1.9 million for a total of over 2.1 million tokens.
Source: Whalestats
Overall, all the reported information suggests a strong price movement in the short term.
Mainly, facing the north side. Even so, a strong second quarter performance is needed to support the potential upside.
That said, the possibility of a recession cannot be ruled out. Therefore, traders/investors should be cautious before relying heavily on MATIC.
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