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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.
? $MATIC's got a new #AllTimeHigh of $2.875, and address activity continues to show the increased action and interest surrounding the #PolygonNetwork. Our latest insight covers Active Addresses, Network Profit/Loss, Whale Behavior, & more. https://t.co/nnBGU3jrst pic.twitter.com/gXmwwrANSj
— Santiment (@santimentfeed) December 26, 2021
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.
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.
Alex Dovbnya
Gamza Khanzadaev
Denys Serhiichuk
