MATIC’s price has experienced a significant drop of over 7% in the last 24 hours, with metrics suggesting a further decline may be on the horizon. Despite disappointing investors with its recent price action, Polygon has shown promising performance in the DeFi space. The question now arises whether this success in DeFi can help reverse the trend for MATIC.
Recent data from CoinMarketCap revealed a 5% depreciation in MATIC’s price over the last seven days, followed by another 7% drop in just 24 hours. Despite trading at $0.6622 with a market capitalization of over $6.5 billion, MATIC’s social metrics indicated a decrease in popularity and a negative sentiment in the market.
On the bright side, Polygon’s performance in DeFi has been commendable, with Polygon PoS, zkEVM, and CDK emerging as top choices for DeFi builders. However, despite these strong pillars, Polygon’s network activity experienced a drop last week.
While Polygon’s DeFi success is noteworthy, it may not be enough to turn MATIC’s value bullish on its own. As a result, the current market trend for the altcoin is expected to continue for the time being.
Vocabulary List:
- significant (adjective): Sufficiently great or important to be worthy of attention.
- metrics (noun): Measurements that evaluate performance.
- decline (noun): A downward movement or fall.
- investors (noun): Individuals or entities that allocate capital with the expectation of a return.
- commendable (adjective): Deserving praise or admiration.
- sentiment (noun): Attitudesemotionsor opinions.
