As a seasoned crypto investor with a knack for spotting trends and interpreting on-chain data, I find myself intrigued by the recent surge in Polygon’s (MATIC) on-chain activity. Santiment’s insights resonate with my own observations, as I’ve learned time and again that a spike in dormant coin movements often precedes a market reversal. The upcoming POL upgrade on Sept. 4 adds an exciting layer to this narrative, as it could potentially ignite a bullish run for MATIC.
As reported by the on-chain analysis company Santiment, there’s a significant increase in on-chain activity for Polygon, as previously inactive large wallets have become active.
Santiment observes that Polygon has been one of several networks experiencing a decline since the cryptocurrency market retracement started in March. Yet, signs from on-chain data hint that this storyline could shift quickly, as there’s been an uptick in on-chain activity surrounding MATIC.
New information from Santiment reveals an increase in the consumption of 69 billion MATIC during a surge in dormant coin movement, with approximately 3,369 unique MATIC addresses participating in network interactions. This day’s activity ranks as the second most active day of the year so far. Moreover, the significant surge in on-chain activity could potentially indicate that a reversal of the MATIC trend might be imminent.
Based on findings from Santiment, a surge in active addresses and an increase in dormant coins with Polygon (MATIC) is typically a precursor to a shift in the market direction, often indicating a potential change in trend.
As I pen this analysis, Matic stands at a 1.15% decrease over the past 24 hours, settling at $0.442. This is also an 84.83% drop from its all-time high of $2.92, which it achieved in December 2021. In the forthcoming days, I will be closely monitoring the market to ascertain whether this surge in on-chain activity heralds a bullish price reversal for Matic.
Countdown to much-anticipated POL upgrade
As the level of on-chain activity increases, it’s clear that there is growing excitement about the significant Polygon (POL) upgrade set to take place on September 4th.
As a researcher immersed in the dynamic world of blockchain, I am excited to share that the anticipated upgrade from MATIC to POL is underway, commencing on September 4th. Initially, POL will assume the role previously held by MATIC, serving as the native gas and staking token for the Polygon Proof-of-Stake (PoS) network. In subsequent stages, POL is poised to play a significant part in the AggLayer, contributing to its functionality and efficiency.
Users who currently hold Matic tokens on Ethereum, Polygon’s zkEVM, or centralized exchanges might need to transfer their assets, as a Polygon Portal Interface has been introduced for this purpose.
On September 4, the upgrade for Matic tokens on the Polygon Proof-of-Stake network and staked Matic tokens on Ethereum will be performed automatically. Therefore, if you hold Matic tokens on Polygon PoS or are a Matic staker/delegator on Ethereum, no action is required from your end.
As a network analyst, I am excited about the POL upgrade that empowers our local communities to drive development. This community-led evolution significantly enhances the versatility of Polygon’s native token and serves as its lifeblood within our expanding ecosystem of interconnected blockchains, embodying our vision for a continuously growing Polygon network.
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2024-08-29 18:28