crypto news

Amidst the crypto winter, Polygon (MATIC) is showing signs of recovery. According to "CoinMarketCap", the price of "MATIC" is up nearly 2% in the last seven days. At the time of writing, it is valued at around $0.8121, with a market capitalization of over $7 billion.

A 42.63x increase is on the cards if "MATIC" reaches bitcoin's market cap. 

Investors can rejoice

According to CryptoQuant, MATIC's relative strength index "RSI" was in an oversold position at press time. Thus, increasing the possibility of a price increase in the coming days.

Interestingly, Sandeep Nailwal recently revealed some statistics related to Polygon, which reflect the network's ability to grow more. He tweeted that "The Polygon Bridge is the most tested battle bridge out there." 80 billion user funds were covered without loss by users, and the bridge was led by more than 100 validators.

While these new statistics seemed very promising, let's check the polygon values in the chain to understand if a new price increase was possible in the late days of 2022.

Read the "MATIC" price prediction of the 2023-24 polygon

What do the values suggest?

Apart from the "RSI", MATIC's exchange reserve was also declining, which was also a positive signal as it indicated less sales pressure. Polygon's total transfer volume and active addresses have also increased further increasing the chances of a price increase.

Moreover, the Santiment chart showed that MATIC has managed to remain popular in the crypto industry, since its social volume has seen an increase in recent days. However, the growth of the MATIC network has declined after spying on December 25, which may be a cause for concern.

In addition, MATIC's NFT ecosystem has also seen growth in recent days, which may provide a good start for the coming year.

For example, OrbCity has announced that it will migrate to Polygon in the first quarter of 2023. Moreover, y00ts also revealed a similar migration plan to Polygon, which greatly increases the demand and reliability of the Polygon NFT ecosystem.

Due to these developments, Polygon's total number of NFT transactions and the volume of trade in USD have seen an increase in the past week, creating a basis for an excellent start to 2023.