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As Matic Updates Its ATH, Its Network Continues to Grow

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Mon, 12/27/2021 - 12:10
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Arman Shirinyan
With the strong uptrend on Matic, the Polygon network sees a spike in address activity
As Matic Updates Its ATH, Its Network Continues to Grow
Cover image via stock.adobe.com

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Contents

Interest in and activity around the Polygon Network and its MATIC token seem to increase continuously with the number of active addresses spiking once again after the token updates the ATH.

Network activity

The Matic token was one of the "hottest" digital assets on the crypto market in December, with a number of active addresses spiking to 15,500 entities after the token reached its last high back at the beginning of December.

The network activity is a metric that shows an almost complete correlation with the asset's price. According to the chart, traders were able to see the spike in network activity during the rally on the market.

The only thing that might concern some investors is the unpleasant divergence that we can see between network activity graphs and the asset's price. While the trend on MATIC could be considered bullish, the network activity chart is clearly showing a descending movement.

MATIC price action

While the transactional activity and the token's price might have some differences, due to the speculative nature of the market, more traders and short-term investors are looking into the Polygon token in order to catch a few percent of profit during the next rally.

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Since the beginning of the month, MATIC has gained more than 40% of its value and has entered the top 15 of the biggest coins by market capitalization, according to CoinMarketCap.

Polygon, also known as Matic Network, is a platform for scaling and infrastructure development of the Ethareum network. Polygon Network provides users with an efficient Software Development Kit, which is a tool for building various types of applications or scaling solutions.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.