In the past week, MATIC’s value dropped by a huge 33% as market fear made the correction phase worse and sent the price into a nosedive. The more significant financial market is still having a hard time because of bad conditions and worries about the economy as a whole.
In the past 24 hours, the entire crypto market has lost almost 17% of its value, which shows strong bearish pressure. Despite the downturn, ongoing changes on the blockchain may finally stop the downward trend, but it will take some time for prices to reach a level that makes sense.
Polygon’s platform keeps making major steps forward. A recent report from the independent crypto research company Messari talked about a lot of changes that happened in Polygon’s ecosystem in Q2. Notably, the community has agreed to improvements that will make the network easier to use and faster. For example, on September 4th, the network will switch from MATIC to POL.
MATIC Grants Program Launched
Polygon started the $1 billion Community Grants Program (CGP) to get developers. Season 1 had a 35 million MATIC pool, which is about $12.9 million today. Also, Uniswap’s v3 campaign on Polygon, which offers $250k in rewards on the Oku trading platform, should make investors more confident in Polygon’s DeFi powers, even though the market is currently struggling.
Nansen data shows that the number of active addresses and deals on Polygon has gone up in the last 24 hours. This shows that the market is still growing, even though most people are expecting it to go down. But DefiLlama says that there are big outflows across Polygon’s lines.
As long as the market is down, investors are selling their MATIC assets. New information shows that a lot of people are selling, and MATIC’s price is now trying the $0.339 support level. The market’s overreaction, which was caused by broad fears about the economy, threatens any recovery that might be positive.
MATIC has dropped to levels not seen since March 2021. This is a new low after the bull runs in early 2024 that were led by Bitcoin and Ethereum.Traders and investors should look at their positions again to make sure they are still making funds and think about shorting the token to take advantage of the market situation.
