Polygon aces TVL rankings, passes these chains, but will MATIC rebound?

1 year ago 120
  • Polygon, successful examination to Avalanche and Solana, was having a bully clip with its TVL arsenic it stood adjacent to $1 billion. 
  • Despite the awesome TVL, MATIC holders were holding astatine a nonaccomplishment of implicit 60%.

Polygon [MATIC] appeared to person an intriguing 2022, arsenic it collaborated with respective well-known companies, including Meta, Reddit, and Starbucks. Although this was a important development, its autochthonal token, MATIC, did not look to beryllium affected successful immoderate way. 

  Read Polygon’s [MATIC] Price Prediction 2023-2024

Polygon boasts of unchangeable TVL

In a station connected 3 January, Polygon highlighted the spot and stableness of its Total Value Locked (TVL) compared to rival chains. According to the illustration provided by the Polygon societal media account, its TVL was higher than Avalanche [AVAX] and Solana [SOL], 2 of its closest rivals. 

MASS adoption 🔥#DeFiForAll by @0xPolygonDeFi https://t.co/3A2Y8d0Ix7

— Polygon – MATIC 💜 (@0xPolygon) January 2, 2023

DefiLlama statistic showed astir $1 cardinal worthy of TVL connected the Polygon network. According to the chart, the TVL had besides climbed by 0.78% implicit the erstwhile 24 hours. As could beryllium seen from the TVL chart, the existent situation–an evident decline–was precise antithetic from what was obtainable successful the archetypal fractional of 2022.

On the different hand, the illustration that Polygon highlighted showed that, contempt the decline, it was performing amended than immoderate different platforms.

Polygon TVL

Source: DefiLlama

Price ticks, but nary rally

Despite the benefits that Polygon’s TVL and collaborations could provide, MATIC, its autochthonal token, did not benefit. The worth of MATIC seems to person accrued by astir 3% implicit the erstwhile 48 hours until property time.

Despite this profit, the terms scope instrumentality revealed that implicit 70% of its worthy had been mislaid from its terms astatine the opening of 2022 to the clip of writing. 

Polygon price

Source: TradingView

Furthermore, according to the observed regular chart, the token’s wide inclination was bearish. The information that the Relative Strength Index (RSI) was located beneath the neutral portion further confirmed the deficiency of a rally.

Furthermore, the Moving Averages (yellow and bluish line) could beryllium observed, and if they continued connected the course, a decease transverse could hap shortly.

Are your MATIC holdings flashing green? Check the Profit Calculator

MATIC investors bleed

According to the Market Value to Realized Value (MVRV) ratio, MATIC holders person not had the champion year. The MVRV ratio astatine the clip of this penning indicated that the token had mislaid 68.13% of its worth implicit the erstwhile 365 days. This was a motion of the important nonaccomplishment investors had suffered implicit the erstwhile 12 months.

Although it is unclear whether this twelvemonth volition people the token’s rebound, the partnerships and TVL stableness whitethorn springiness investors origin for optimism.

Polygon MVRV

Source: Santiment

Ser Suzuki Shillsalot has 8 years of acquisition moving arsenic a Senior Investigative writer astatine The SpamBot Times. He completed a two-hour people successful journalism from a fashionable YouTube video and was 1 of the fewer to springiness it a affirmative rating. Shillsalot's writings chiefly absorption connected shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is simply a flimsy anticipation the illustration pic is AI-generated. You see, this relationship is chiefly utilized by our freelancer writers and they privation to stay anonymous. Wait, are they Satoshi? :/

Read Entire Article