Traders expect 200% upside from MATIC, but does Polygon network data support that?
1 min read
In the past year, Polygon (
Polygon sees an uptick in fees and daily active users
In addition to Polygon’s price growing 12% in the past month, the network’s daily fees and daily active users have grown by 200% since August 5 lending credence to the Cointelegraph prediction.
On August 5, Polygon collected $42,093 in fees and had 248,853 daily network users. By October 13, the network’s daily active users peaked at 737,815 following the success of the Reddit NFT avatar launch. Following on October 25 the network hit a 90 day peak of $131,940 in daily fees.
When comparing the on-chain activity and analysis with the recent MATIC rally, the data suggests that speculation on the partnership news matches the fundamentals.
While it is a stretch to forecast a 200% potential gain in MATIC growth by only using technical analysis, Polygon’s network growth and daily active user stats are encouraging.
The number of transactions and TVL could be a sign that network fundamentals align with the expectations of technical analysts. MATIC’s strength versus competing chains, while still being only a fraction of Ether and BNB’s market cap is quite bullish for its long-term growth prospects.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
