Polygon, the largest Ethereum scaling solution, has recorded an increase in total value locked (TVL) among projects in its ecosystem.

Sandeep Nailwal, co-founder of Polygon, noted the growth in TVL of protocols on the network:

Additionally, demand for protocols in the Polygon network is increasing, with onchain data showing that MATIC supply on exchanges has declined by 16.82 million over the past two months, from April 21 to the 21st. June 2024, suggesting that the token price may increase due to reduced selling pressure.

MATIC has been trending down since March 13. At the time of writing, MATIC was trading at $0.565 with a market capitalization of over $5.2 billion.

The extent of MATIC's bearish price action over many weeks is further demonstrated by the fact that only 6% of MATIC investors are currently in profit. 

Source: IntoTheBlock

However, analyst World Of Charts recently posted a tweet highlighting an interesting development, suggesting that this is the last chance for investors to buy MATIC cheap as the token is testing key support levels. importance of the bullish model.

MATIC has been consolidating inside the pattern since 2021. If the token turns bullish and manages to break above the bullish pattern, a major rally is possible. In fact, this rally could also push MATIC up to $4 or $5 in the coming months.

Source: X

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