Polygon, the largest Ethereum scaling solution, has recorded an increase in total value locked (TVL) across projects in its ecosystem.
Sandeep Nailwal, co-founder of Polygon, noted the growth in TVL of protocols on the network:
Recent TVL spikes in DeFi protocols on @0xPolygon over a one month time period 👇🏻
🥇
@Superfluid_HQ +131%
🥈 @Polymarket +39%
🥉 @yearnfi +29.06%
4️⃣ @torosfinance +25.85%
5️⃣ @superformxyz +21.77%
6️⃣ @KlimaDAO +16.32%credits : @GokuPrimeXBT
— Sandeep | AggLayer 👿 (@sandeepnailwal) June 19, 2024
Additionally, demand for protocols in the Polygon network is increasing, with onchain data showing that the supply of MATIC on exchanges has increased. decreased by 16.82 million in the past two months, from April 21 to June 21, 2024, suggesting that the token price may increase due to reduced selling pressure.
MATIC has been trending down since March 13. At the time of writing, MATIC was trading at $0.565 with a market capitalization of over $5.2 billion.
The extent of MATIC’s bearish price action over many weeks is further demonstrated by the fact that only 6% of MATIC investors are currently in profit.
Source: IntoTheBlock
However, analyst World Of Charts recently posted one tweet highlights an interesting development, suggesting that this is the last chance for investors to buy MATIC cheap as the token is testing key bullish support.
MATIC has been consolidating inside the pattern since 2021. If the token turns bullish and manages to break above the bullish pattern, a major rally is possible. In fact, this rally could also push MATIC up to $4 or $5 in the coming months.
Source: X
Itadori
Bitcoin Magazine
