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  • Polygon revenue increased, but TVL continued to decline
  • MVRV ratio and social dominance down

Polygon [MATIC] has again become a hot topic in the community as it ranked third on the list of top DeFi projects by revenue in the last 24 hours, only behind Uniswap [UNI] and quick exchange [QUICK].

Despite the revenue growth, Polygon’s DeFi space didn’t seem optimistic enough as its total value locked (TVL) was continuously declining. DeFiLlama’s Data revealed that over the past day, Polygon’s TVL decreased by 1.22%; at the time of writing, the value was $1.52 billion.

Lily Polygon [MATIC] price prediction 2023-24

Despite the negative growth of the DeFi ecosystem, some positive updates have taken place which gave hope to investors. For example, Polygon Technologies recently secured $450 million in funding, and with this new capital, the network wants to make a name for itself in the web3 industry.

Not only that, but Polygon has also become one of the leading blockchain service providers in the world that has partnered with more top brands. A few notable brands include Nike, Starbucks, Coca-Cola, Meta, and Adidas, among others.

Although these developments seemed quite ambitious, nothing seemed to reflect on MATIC‘s graphic, which has been painted red. According to CoinMarketCap, Polygon’s price is down nearly 7% in the past 24 hours, and at press time it was trade and $0.8886 with a market cap of over $7.7 billion.

Is a rebirth possible?

Interestingly, MATIC’s metrics weren’t completely supportive of rising or falling prices. MATIC’s MVRV ratio recorded a decline, which was a bearish signal.

Moreover, after a peak, MATIC’s social dominance also began to decline. Thus, indicating less popularity of the token in the crypto community. The network’s growth has also followed a similar path and has been declining over the past few days.

Source: Sentiment

However, CryptoQuant Data gave some relief as he revealed things could improve in the coming days. MATIC’s foreign exchange reserve continued to fall, indicating less selling pressure. Moreover, the number of active addresses and transactions was also increasing, which is overall a positive signal for any network.

The advantage of the bulls could end soon

A look and MATICThe daily chart made it clear that while the bulls appeared to have an edge in the market, the bears may soon take the throne.

According to the exponential moving average (EMA) ribbon, the distance between the 20-day EMA and the 55-day EMA was narrowing, increasing the chances of a bearish crossover.

Additionally, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both recorded declines and headed even further below the neutral bar, which could be troublesome for MATIC in the coming days. .

Source: Trading View

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