Polygon’s MATIC has recently taken a significant leap in the Total Value Locked (TVL) metric, surpassing major blockchain players like Ethereum, Solana, and Arbitrium.
The impressive TVL now stands at an astounding $6,275,266,756, solidifying Polygon’s position as a key player in the blockchain scalability realm. This achievement is attributed to the network’s recent enhancements, particularly the integration of the Erigon client, reinforcing Polygon’s blockchain architecture.
#Polygon surges to 2nd Largest TVL, surpassing Ethereum, Solana, and Arbitrum!
Major milestone in scalability and adoption ⚡️ pic.twitter.com/4CQX309Pm4
— Goku 💧 (@GokuPrimeXBT) December 21, 2023
As of the latest market data, MATIC is currently trading at $0.84, reflecting a 7% gain. Notably, this surge has positioned Polygon against a notable supply wall, spanning from $0.79 to $0.84. Approximately 39,000 addresses collectively hold over 4.24 billion $MATIC within this range. Analyst Ali’s insights on X highlight the significance of MATIC convincingly breaking through this level to initiate a potential journey to new highs.
#Polygon is currently up against a tough supply wall, ranging from $0.79 to $0.84. In this zone, around 39,000 addresses are holding over 4.24 billion $MATIC.
For #MATIC to embark on a journey to new heights, it's crucial to break through this level with conviction. pic.twitter.com/iWTGNrZYFz
— Ali (@ali_charts) December 21, 2023
Market analytics from Santiment contribute additional insights, revealing that just under 42% of the MATIC supply is currently in profit. This dynamic indicates a heightened likelihood of a price ‘catch-up’ to the market, suggesting that MATIC’s value could align more closely with its underlying fundamentals.
📊 $BTC's ratio of supply in profit sits at 89%, a level to be cautious with heading into the new year. Further rises are more likely when this number is more in the 40-70% range. Meanwhile, $MATIC & $LTC sit more comfortably in an opportunity zone. https://t.co/MXFBSQ0R0n pic.twitter.com/kBPTDyi9gz
— Santiment (@santimentfeed) December 21, 2023
These developments underscore the bullish momentum surrounding Polygon’s MATIC, as it continues to garner attention for its technological advancements and growing influence in the blockchain space.
Finally, Traders and investors are keeping a close eye on MATIC’s price movements, particularly as it grapples with key resistance levels and navigates its path toward potential further growth in the evolving crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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