The bearish trend in the crypto market affected the most prominent cryptos including Bitcoin price, Ethereum price, Cardano price and more. As Altcoins like Matic and Solana are gaining more traction with their performance. Polygon is one of those that is making headlines now. The Polygon’s native token MATIC price has risen beyond $1.35 with increased demands and constant bull flags.
Matic’s week per week network revenue skyrockets by 90.3% while posting a new DAU (Daily Active Users). Well, the Matic network continues to garner the crowd attention. The platform has increased its community base for three consecutive weeks now. And amazed the crypto market by holding 34.44% of DAU as Ethereum and 20.82% of DAU as BSC. Reports say Polygon’s DAU has grown steadily relative to both ETH and BSC in the last two months.
Polygon Network Revenue Hit A New ATH!
On the other hand, transactions saw a healthy 9.22% week over week increase. And this is the 5th consecutive week of transaction growth, Polygon now has over 6.645 million transactions per day. Interestingly, relative daily transactions are 539.78% of Ethereum and 122.1% of BSC.
With this exceptional On-chain performance, Matic experienced a +68.8% increase in revenues. Therefore, its revenue reaching to a new all-time high of $52,469/day. In addition to this Polygon recently announced gaming partnerships with Forest Knight, Arcade Network, Mix Marvel Game. And the real bombshell which may trigger MATIC price rally to $5 is a new product Polygon Nightfall in collaboration with EY news.
MATIC Price Analysis: Will Matic Hit $5?
With a market capitalization of $87,24,35,507 USD, it has been trading at $1.35 and saw a 3.97% jump in the last 24 hours. The major resistance for the Matic network lies near $1.798. And currently, the RSI is at 56.73 at the press time indicating a strong consolidation phase.
Overall, an increase in bullish sentiments can boost MATIC’s price higher beyond the pivotal point of $2.5. On the flip side, in case of bearish pressure, this level could break down and MATIC price could head lower to test the immediate support of $1.5.