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Are Polygon Holders Taking Profits? Insights Firm Santiment Looks at State of MATIC As Its Price Soars

As the price of Polygon (MATIC) soars to new all-time highs, crypto analytics agency Santiment is trying underneath the hood at its on-chain exercise and social metrics.

Polygon, the main Ethereum layer-2 scaling resolution, surged to an all-time excessive of $2.92 at one level on Monday, earlier than giving up some of its positive aspects and is presently buying and selling at $2.61.

Santiment appears to be like at the lively addresses metric of MATIC and notes that Polygon presently has “decent network activity.”

“8,000 day by day lively addresses is very large.

Probably in [the] prime 5 [of] most lively coins in Ethereum.

Definitely one of essentially the most used coins. Super robust!”

The analytics agency additionally says there’s presently “no profit taking” in MATIC and low change inflows for the crypto asset. MATIC’s social quantity stayed low till lastly seeing a spike in social curiosity proper because it surged to an all-time excessive.

Santiment provides that whales have stopped accumulating MATIC up to now few days.

Concludes the analytics agency,

“The downside that we’re seeing is that despite the fact that it’s an ATH (all-time excessive), we’re seeing a relative lack of response in phrases of lively deposits.

And whales are offloading.

We may in all probability quite see some sell-offs within the subsequent 24 hours, simply so MATIC can appropriate, after which push one other leg up.”

Last week, Polygon introduced a brand new partnership with Opera Software to deliver decentralized functions (DApps) over to the Opera net browser.

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Featured Image: Shutterstock/solarseven/Nikelser Kate

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