Polygon Network Active Addresses Hit Yearly High Amid Token Migration

Polygon （MATIC） sees a significant increase in network activity, reaching its highest levels in over a year, driven by the announcement of MATIC token migration to POL tokens.

Points

• Polygon network activity reaches yearly high due to token migration.
• Active Addresses metric surged to over 4,200 addresses.
• MATIC faces resistance around $0.55 despite the increased activity.
• The upcoming mainnet upgrade from MATIC to POL is set for September.

Polygon （MATIC） has experienced a remarkable surge in network activity, with the number of active addresses reaching its highest levels in over a year. This spike is largely attributed to the recent announcement of the migration from MATIC tokens to the new POL tokens.

Beincrypto

According to on-chain data from Santiment, the Active Addresses 24-hour metric, which tracks the number of addresses that either sent or received transactions within a 24-hour period, surged dramatically following the migration announcement. The metric exceeded 4,200 addresses over the weekend, a significant increase from fewer than 1,500 active addresses the day before.

Despite the heightened activity, MATIC’s price has struggled to break past the resistance level of around $0.55. The cryptocurrency saw a bullish price movement from a yearly low of $0.4313 on July 6, representing a 27.5% increase, but has faced strong resistance in the $0.55 to $0.57 range.

At the time of writing, MATIC is trading at $0.534. Data from IntoTheBlock shows that there are currently 19,450 addresses holding a total of 454.38 million MATIC tokens at an average price of $0.57. This concentration of holdings around the $0.57 price level likely explains the resistance, as many addresses might be selling after moving into profitability.

Looking ahead, the mainnet upgrade from MATIC to POL is slated for September, which could generate significant buying pressure and improve holder profitability. The anticipation surrounding this upgrade is expected to drive market activity and potentially lead to a price increase.

解説

• The significant increase in Polygon’s network activity highlights the impact of the upcoming token migration on user engagement and transaction volume.
• MATIC faces strong resistance around the $0

.55 to $0.57 range, likely due to a large number of addresses holding tokens at this price level, creating selling pressure.
– The upcoming mainnet upgrade from MATIC to POL tokens, scheduled for September, is expected to further increase market activity and buying pressure, potentially leading to higher prices.
– This migration and upgrade are part of Polygon’s broader strategy to enhance its blockchain’s performance and scalability, making it more attractive to developers and users.
– Investors should monitor the resistance levels and market response to the mainnet upgrade to better understand the potential price movements and investment opportunities.