Blockchain News

Polygon aces TVL rankings, passes these chains, but will MATIC rebound?

Polygon [MATIC] appeared to have an intriguing 2022, collaborating with several well-known companies such as Meta, Reddit, and Starbucks. Despite the significance of this development, its native token, MATIC, did not appear to be impacted in any way.

Polygon highlighted the strength and stability of its Total Value Locked (TVL) compared to rival chains in a post on 3 January. According to the Polygon social media account, its TVL was higher than Avalanche [AVAX] and Solana [SOL], two of its closest competitors.

According to DefiLlama statistics, the Polygon network had about $1 billion in TVL. The TVL had also risen by 0.78% in the previous 24 hours, according to the chart. The current situation—an apparent decline—was very different from what was available in the first half of 2022, as shown by the TVL chart.

On the other hand, the chart highlighted by Polygon showed that, despite the decline, it was outperforming some other platforms.

Despite the advantages that Polygon’s TVL and collaborations could provide, MATIC, the company’s native token, did not benefit. The value of MATIC appears to have increased by about 3% in the 48 hours leading up to press time.

Despite this profit, the price range tool revealed that it had lost more than 70% of its value between the beginning of 2022 and the time of writing.

Furthermore, the overall trend of the token was bearish, according to the observed daily chart. The fact that the Relative Strength Index (RSI) was below the neutral zone confirmed the absence of a rally.

Moving Averages (yellow and blue lines) could also be seen, and if they continued on their current path, a death cross could occur soon.

MATIC holders have not had a good year, according to the Market Value to Realized Value (MVRV) ratio. At the time of writing, the MVRV ratio indicated that the token had lost 68.13% of its value in the previous 365 days. This was a reflection of the significant loss investors had suffered in the previous year.

Although it is unclear whether the token will recover this year, the partnerships and TVL stability may give investors reason to be optimistic.


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