In today’s charts, Polygon (MATIC) is flashing red, losing 4.6% and 14.2% over the course of 24 and seven days, respectively. However, despite the poor showing, there was hope for fresh interest because of the recent developments.
Focus is on the SAGA airdrop, which attracted over 26,000 Polygon users who used Polygon’s zkEVM Bridge for Ethereum transactions or participated in MATIC staking. Developers can start their own “chainlets” with the future blockchain protocol Saga.
NEW:
The $SAGA (@Sagaxyz__) airdrop is available to 26K+ Polygon users who staked $MATIC or bridged $ETH using the zkEVM Bridge. pic.twitter.com/Kc1Y3cNdRR
— Today In Polygon (@TodayInPolygon) January 4, 2024
Although the exact dates of Saga’s airdrop are unknown, they most likely take place in the first half of this year. Saga also previously disclosed information about its “Innovators” airdrop eligibility for users of its goods back in October.
Excitement Over Polygon Airdrop
Co-founder of Polygon Sandeep Nailwal expressed excitement on social media platform X about Saga’s place in their ecosystem.
Thanks @Sagaxyz__ for including @0xPolygon community in the airdrop.
Super thrilled to have Saga as a key contributor into the Polygon ecosystem. They have been involved throughout the Supernets to CDK chains journey! They are doing amazing work, specially in automating… https://t.co/QkB3NGCM2U
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) January 4, 2024
Nailwal acknowledged Saga’s efforts, particularly with regard to automating the decentralization infrastructure for Appchains, and alluded to the possibility of decentralized sequencing features within Polygon CDK.
MATIC Price Not Upbeat About Recent Developments
Even with these encouraging developments, Polygon’s price has been declining from its most recent high of $1.1, and MATIC is currently trading at $0.82. The top Ethereum layer-2 scaling protocol may present fantastic possibilities to buy low, particularly for investors who have previously passed on.
MATIC market cap currently at $7.854 billion. Chart: TradingView.com
The decreasing number of short positions, on the other hand, indicates a decline in trader interest in MATIC. A bit more than half of short positions against MATIC were open as of the time of publication. This seeming disparity made some wonder how these encouraging developments would affect the general perception of MATIC in the short term.
In terms of network activity, data from Santiment indicates that Polygon encountered a barrier in network volume, suggesting a decline in interest from fresh addresses. If this pattern continues, MATIC may not be able to grow at a steady pace.
Source: Santiment
Collaborations Up Despite Poor Price Showing
Partnerships and ecosystem development for Polygon have not slowed down, even though MATIC performs poorly in the pricing arena. The Chain Development Kit (CDK) release, the Polygon zkEVM launch, and collaborations with companies like Flipkart and OKX have all been noteworthy developments.
#Polygon is at the cusp of breaking out from a significant symmetrical triangle. Be patient! Let the pattern fully develop, as the initial target for $MATIC is set at $1.25, followed by a potential move towards $1.82! pic.twitter.com/F9eHkZe5q3
— Ali (@ali_charts) January 1, 2024
Meanwhile, crypto expert Ali Martinez believes MATIC will perform well in 2024. According to the analyst, the asset might rise as high as $1.8 in price.
He established an immediate goal of $1.25 based on the asset’s break of a symmetrical triangle chart pattern that lasted for months.
Featured image from Medium