- Arbitrum would face enormous resistance at the $1.4 and $1.6 levels, but a breakout could see it enter price discovery.
- Polygon had a firmer bullish bias and presented a good buying opportunity with room for more gains than ARB.
Ethereum’s layer 2 network Arbitrum [ARB] was in an interesting position. Among other things, the weekly Arbitrum report highlighted the milestone achievement of the network’s 300 million transaction mark. On the other hand, there was evidence of a substantial outflow of capital from the ARB market.
Read Arbitrum’s [ARB] Price Prediction 2023-24
Polygon [MATIC] also saw news developments that will likely impact investor sentiment. The one that traders and investors might be most interested in is the proposal by Polygon Labs to replace MATIC with the native token POL. A more in-depth dive can be perused here.
Who has the advantage in the Arbitrum vs Polygon matchup?
On the price action front, both altcoins have a bullish outlook on the higher timeframes. Arbitrum has been in the market for a much shorter duration than Polygon, which made the comparison of some of the on-chain metrics less straightforward. The comparison was clearer on the price charts, and the winner of Arbitrum vs Polygon was likely to be the latter in terms of performance in the coming weeks.
The crypto market as a whole has gained value since mid-June. The Tether Dominance metric fell from 8.53% on 15
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Author: Akashnath S
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