Polygon (MATIC) Shows Signs of a Price Reversal as Project Prepares for Imminent Rebrand: Santiment

Certain on-chain metrics suggest that blockchain scaling solution Polygon (MATIC) could be on the verge of a price reversal, according to the crypto analytics firm Santiment.

Crypto analytics firm Santiment says that certain on-chain metrics indicate that blockchain scaling solution Polygon (MATIC) may be poised for a price reversal.

According to Santiment, MATIC recently experienced a surge in both active addresses and the movement of dormant coins.

“Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this.”

MATIC is currently trading at $0.423 at the time of writing. The 28th-ranked crypto asset by market cap is down over 2% in the past 24 hours.

Polygon’s on-chain activity has been surging as the project gears up for an upcoming rebrand scheduled for September 4th. The new POL token will replace MATIC as the chain’s native gas and staking asset.

First proposed in July of last year, the rebrand is part of the network’s transition to Polygon 2.0, which aims to make the project the “value layer of the internet.”

According to Polygon Labs co-founder Sandeep Nailwal, POL is designed to “deliver the benefits of multi-chain staking without the added risks of restaking.”

“With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s that can easily interoperate and share liquidity with each other.”

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