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Polygon has been on a tear for the last two weeks. Following the anticipation that the altcoin’s price will reach $1, it reached an all-time low of $0.94 and has remained rangebound since then. The trading value is one-tenth that of Ethereum, or $404 million. It contributes to traders’ bullish sentiment because the trading value of an L2 scaling solution is $40 million compared to $404 million for ETH.
In all networks, there have been almost the same number of exchanges. ETH has a value of 16000, while Polygon has a value of 14000. Despite having a significantly smaller market capitalisation, Polygon continues to rally and remains undervalued.
With 1.7 million transactions, the MATIC network is just getting started. Big HODLers have a concentration of 91 percent vs. 60 percent of ETH. This high concentration improves MATIC’s price by resisting sale pressure. According to data from intotheblock, network growth is at 18 percent, which is supportive of the rally to $2. Volatility is another important element in the stock rally.
According to the above Lunarcrush table, volatility has fallen by 70%; however, a reduction in volatility has not had a detrimental impact on the market in the past. Matic ranks sixth among alts on Lunarcrush in terms of social opinion and overall social ratings. Though there hasn’t been much of a price shift in the last 24 hours or two days, the price is up almost 70% in the last week, which is positive for the altcoin.
Despite low volatility and trading rate, the 24-hour volume is $822.3 million, and the altcoin is rallying. Pressure exists through exchanges, and has led to the price increase. MATIC’s 30 and 90-day uncertainty is almost identical.
Despite the decline in major sales, retail buyers managed to buy, contributing to the market rally. Despite being 10% off its ATH, MATIC is likely to rally to it and begin market exploration, unless HODLers or major traders begin selling. MATIC’s price is predicted to rise in the coming weeks, based on on-chain metrics.