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Polygon (MATIC) Price Steadies Above $0.50—Will Investors HODL or Fold?

Press Releases Crypto News BeInCrypto Polygon (MATIC) Price Steadies Above $0.50—Will Investors HODL or Fold?

Polygon (MATIC) has held steady above the $0.50 support level as altcoins gained ground on Bitcoin (BTC) over the weekend. Key on-chain indicators raise doubts that investors will HODL long enough to further drive the MATIC price recovery attempts.

Polygon (MATIC) price remains well above $0.50, as the bulls fiercely defended the critical support level over the weekend. However, key on-chain indicators suggest paper-handed holders could undermine the MATIC price recovery mission.

Renewed Network Activity Has Fueled MATIC Recovery Attempt

Confidence seems to gradually return to the Polygon ecosystem as MATIC’s price recovered from its 2023 bottom of $0.48 to reclaim $0.52. On-chain data indicates that the recent increase in Polygon network activity could be behind the ongoing price resurgence.

The CryptoQuant chart below shows that the Polygon network recorded 4,621 transactions on September 22. Notably, this is the highest network traction in more than 50 days.

Will Polygon (MATIC) Price Retrace Below $0.50 | Transaction Count | September 2023. Source: CryptoQuant

By tracking the daily number of confirmed transactions, the transaction count metric estimates the level of economic activity on a blockchain network. Such a significant rise in network activity typically means that the underlying native token is in demand.

Unsurprisingly, MATIC’s price has witnessed an 8% price bounce as it sits at $0.51 as of September 25.

However, since hitting the 50-day peak of 4,621 transactions on September 22, MATIC failed to scale the 4,000 mark in the following trading days. This raises questions on whether the Polygon network participants have enough in the tank to further drive the MATIC price recovery.

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Author: Ibrahim Ajibade

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