Polygon (MATIC) shows strong signs of reversal with these on-chain stats

MATIC, the native cryptocurrency of the Polygon blockchain, is showing signs of strength and strong rebound. A few on-chain statistics indicate that Polygon (MATIC) is ready for its next journey north. After the crypto market crash in May, Polygon (MATIC) recorded a sharp V-shaped recovery. However, the cryptocurrency has faced major rejections at some key resistance levels. Since then, Polygon (MATIC) has been trading sideways and has faced multiple rejections at various resistance levels until recently, where it managed to surpass the $1.45 resistance which triggered a trend reversal. On-chain data provider Santiment presented data showing how Polygon (MATIC) has now reached a lower level while gaining $1.50 as the new support level. Courtesy: Santiment Keychain for Polygon Metric Daily active addresses for MATIC have grown steadily over the past few months and continue even today. This growth in active addresses certainly contributes to an optimistic scenario for MATIC. During last month's crypto meltdown, MATIC supply rose on exchanges, creating selling pressure for crypto. But again, the supply in the stock markets is dwindling. These are some encouraging signs that a bull case scenario is forming. While MATIC has crossed the resistance trendline, one thing to note is that on-chain data is still showing some signs of selling pressure. In the chart below, we can see that with each price increase, there is an increase in daily active deposits. This clearly shows that a large number of traders are using these price spikes to exit their positions. The Polygon blockchain network has gotten some big news lately. Last month, tech billionaire Mark Cuban announced a major funding round for this Indian blockchain startup, attracting the attention of some big players in the market. In addition, Polygon (MATIC) has also entered Enterprise Grade Bitw.

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