Analysis: Activity on the Polygon chain has surged, MATIC may be "brewing" a long-term trend reversal

Odaily reports that blockchain analysis platform Santiment indicates a surge in on-chain activity for Polygon. The chart shared on X shows a significant increase in the activity of dormant tokens on its chain this week, suggesting that "the notable spike in on-chain activity could be a sign that MATIC is brewing a long-term trend reversal."

Data from the blockchain explorer Polygonscan shows that since late July, network address activity has significantly decreased, dropping from 1.6 million to 700 thousand by the end of August - approximately a 50% decrease. Additionally, daily transaction volume also fell from over 5 million in March to around 3 million at the end of August.

According to CoinGecko data, compared with its historical high point of $2.92 USD in December 2021, MATIC has still fallen by about 85%. (Cointelegraph)