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Introduction: The cryptocurrency landscape is constantly evolving, with blockchain platforms vying for user adoption and market dominance. In the first quarter of 2024, Ethereum and Polygon emerged as frontrunners in attracting new users, as revealed by the latest Flipside report.
On-chain data shows Polygon (MATIC) is currently inside the same buy zone that earlier led to rallies of around 112% and 87% for the asset. Polygon 30-Day MVRV Ratio Is Significantly Negative Currently As pointed out by analyst Ali in a post on X, MATIC is showing a historically bullish pattern in its 30-day MVRV ratio.
Polygon Labs CEO Marc Boiron believes that the intense rivalry between Ethereum layer-2 networks is the “biggest problem” facing the second-largest digital asset by market capitalization. In an April 7 post on social media platform X, Boiron emphasized how the competition between these networks has led to Ethereum cannibalizing itself continuously.
Polygon's revenue dropped sharply in Q1, but its daily active addresses continued to rise
New user expansion driven by NFT activity has demonstrated greater variability across different networks when compared to DeFi.
According to crypto analyst Ali Martinez, Polygon (MATIC) is poised for major gains amidst a wider correction in the past seven days. Polygon is currently down by 9.2% in the past seven days, but the analyst pointed out that MATIC is printing a textbook buy signal on the daily chart.
Polygon Price: The recent market correction took a notable toll on the layer 2 scalability platform, Polygon (Matic). From the mid-March peak of $1.29, the coin price plunged with a V-top reversal and lost 30% in value to reach $0.89.
As we delve into the intricacies of MATIC's recent performance, it becomes apparent that deciphering these signals requires a keen eye and a comprehensive understanding of market dynamics.
Polygon (MATIC), a top-tier layer two scaling solution built on the Ethereum (ETH) network, is preparing for an inevitable liftoff amid the mainstream adoption of web3 protocols and smart contracts. The mid-cap altcoin, with a fully diluted valuation (FDV) of about $8.
Polygon (MATIC) stands as a beacon of intrigue, its price movements often reflecting a complex interplay of factors. As whales strategically accumulate MATIC tokens, daily activity metrics paint a contrasting picture, hinting at evolving market dynamics.
From the start of the year, there has been a significant influx of new users into Polygon.
According to local media reports in Japan, Sony Bank announced its foray into the stablecoin world, launching a trial to issue its fiat-linked digital currency. In collaboration with blockchain company SettleMint, one of the most notable aspects of the pilot program is that the trial will take place on the Polygon blockchain.
Sony Bank, one of the largest online banks in Japan and a subsidiary of Sony Group Corp (TYO: 6758) has reportedly started stablecoin issuance experimentation. Crucially, the bank said it plans to collaborate with SettleMint, a Belgium-based blockchain company to perform stablecoin trials on the Polygon blockchain.
An analyst has explained how a buy signal forming in the price of Polygon (MATIC) could lead to the asset rebounding towards these price targets. Polygon Is Showing A TD Sequential Buy Signal Right Now In a new post on X, analyst Ali has discussed about the a Tom Demark (TD) Sequential signal forming in the MATIC price chart.
According to a regional report, Sony Bank of Japan is currently exploring the potential of a stablecoin tied to the yen that could be utilized by Sony Group along with its associated entities. Insiders revealed that this endeavor's testing phase employs the Polygon blockchain, with the crypto firm Settlemint lending its support.
MATIC, Polygon network's native token, has experienced a challenging month with a drop of around 25%, erasing its gains from February and part of January.
Polygon (MATIC) is on the radar of top market analyst Ali Martinez, who projected a potential bullish breakout for the altcoin. As the analyst pointed out on the X app, MATIC has what it takes to jump as high as $1 in the near term.
Sony Bank has launched a proof-of-concept for its fiat-pegged stablecoin, highlighting its growing focus on blockchain. This trial is occurring on the Polygon blockchain.
Sony Bank, a banking division of the Japanese entertainment and gaming conglomerate, has begun a pilot to make its own stablecoin linked to fiat currency, Nikkei reported. The experiment is set to occur on the Polygon blockchain.
Sony Bank kicks off proof-of-concept for minting its own fiat-backed stablecoin on Polygon.
The price of Polygon (MATIC) slips below the moving average lines. Price analysis of MATIC coin by Coinidol.com.
Sony Bank starts a stablecoin proof-of-concept on the Polygon blockchain to assess legal issues around transferring fiat currency-pegged tokens.
Ethereum and Polygon maintain their lead over newer Ethereum Virtual Machine (EVM) chains in drawing new users and increasing trading volumes, as revealed by Flipside's “New EVM Users: Q1 Snapshot” report. As of March 27, Ethereum had 13.
The Japanese heavyweight is looking into potentially utilizing fiat-linked stablecoins across its line of business.
