Polygon token ($MATIC ) is facing price challenges despite increased on-chain activity.
According to Santiment, activity on the Polygon network spiked sharply on August 28. However, the price of MATIC did not reflect this surge. On August 25, MATIC briefly rose to $0.58, its highest level in two months, but then fell 24% to $0.437 on August 29.
Another issue facing Polygon was the hack of its Discord channel on August 24, as part of a mass attack on several blockchain projects. MATIC's price is currently at $0.43, down 85% from its peak of $2.92 in December 2021.
Crypto analyst World of Charts is showing positive signals, indicating that MATIC may be reversing after breaking through a six-month downtrend line. If this trend continues, the price of MATIC could rise to $1, an increase of 143% from its current level.
