Polygon has been experiencing a decline in value recently. As of August 18, the number of transactions processed on the network was recorded as 2.44 million, reflecting the lowest transaction volume in recent memory. A decrease in the number of transactions on a network usually indicates that fewer users are active. In Polygon’s current state, uncertainty surrounding the transition from MATIC to POL may cause users to delay transactions until the transition is complete.

MATIC’s weak price performance reflects the network’s recent decline in activity, with the altcoin trading at $0.41, up just 3% in the past 24 hours. Despite a 27% increase in trading volume, uncertainty surrounding MATIC’s transition to POL has contributed to the slowdown. However, activity in Polygon’s DeFi sector continues to show resilience. On August 18, the network’s total value locked (TVL) and trading volume on decentralized exchanges (DEXs) increased significantly despite the decline in overall trading activity. According to Artemis data, TVL increased by 5% to $859 million. Additionally, daily trading volume on DEXs within Layer-2 increased by 21%, with Polygon’s daily DEX trading volume recorded at $69 million at the time of writing.

MATIC Graphic Analysis$MATIC

Although MATIC has not seen a significant increase in value since the Polygon announcement, a significant increase in buying activity has been observed on its 12-hour chart. At the time of writing, the token’s Relative Strength Index (RSI) is trending up and is preparing to break above the 50-neutral line. An attempt to break above the center line indicates increasing buying pressure. MATIC is seen to be moving from its current slightly bearish trend to a more neutral or slightly bullish momentum. If this buying pressure continues, the token’s price could rise to its 30-day high of $0.55. However, if the market trend changes and selling activity increases, MATIC’s price could drop to $0.33.

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