Analysis: Polygon on-chain activity surges, MATIC may be "brewing" a long-term trend reversal

Odaily News Blockchain analysis platform Santiment said that Polygon's on-chain activity has surged. The chart it shared on X shows that its on-chain dormant token activity has increased significantly this week, and "the significant surge in on-chain activity may be a sign that MATIC is brewing a long-term trend reversal." Data from the blockchain browser Polygonscan shows that since late July, the network address activity has dropped sharply, from 1.6 million to 70,000 in late August, a drop of about 50%. In addition, the number of daily transactions has also dropped from more than 5 million in March to about 3 million at the end of August. According to Coingecko data, MATIC is still down 85% compared to its historical high of $2.92 in December 2021. (Cointelegraph)