Did Polygon’s recent network developments affect MATIC?

• Polygon launched POL contracts on the Goreli testnet final week. 
• MATIC’s weekly chart was inexperienced, however the newest metrics have been bearish. 

Polygon [MATIC] had a busy week as a number of main developments came about over the previous few days. As we speak In Polygon lately posted a tweet highlighting many of the notable developments from final week. Whereas that occurred, MATIC additionally managed to push its worth upward. 

A glance again at Polygon’s week

As we speak In Polygon lately posted a tweet highlighting how the blockchain’s improvement has carried out over the past seven days. As an illustration, probably the most notable improvement that occurred final week was associated to Polygon 2.0.

The final 7 days in Polygon👇👀

💜 POL contracts went reside on Testnet

💜 Google Cloud grew to become a Polygon Validator

💜 Reddit Avatars reached 20M holders

💜 Polygon zkEVM reached 6M transactions

💜 Polygon zkEVM reached 450K distinctive addresses

💜 @AstarNetwork introduced Astar… pic.twitter.com/z0VxFC8NBN

— As we speak In Polygon (@TodayInPolygon) October 6, 2023

The blockchain’s much-awaited Polygon 2.0’s POL contracts lately went reside on its testnet. POL contracts have been deployed on the Goerli testnet, and two proposals setting forth potential modifications to the native token burning mechanism obligatory for future upgrades went reside as nicely.

As we speak, on account of neighborhood consultations, POL contracts shall be reside on Goerli testnet.

A serious step in direction of bringing Polygon 2.0 to life.

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Based mostly on the neighborhood’s suggestions through the PIP governance course of, PIP-24: Change EIP-1559 Coverage & PIP-25: Modify POL Whole Provide,… pic.twitter.com/li8OF0o3jC

— Polygon Devs 📍 DevX World Tour (@0xPolygonDevs) October 4, 2023

Aside from that, one other main improvement was Polygon’s partnership with Google Cloud. Google introduced that it has grow to be a validator for the Polygon blockchain.

Aside from that, the blockchain’s rollup, zkEVM, additionally reached new highs as its whole transactions exceeded 6 million. The rollup’s distinctive addresses additionally exceeded the 450k mark final week.

How is MATIC faring?

The final week was additionally worthwhile for MATIC because the token registered positive aspects. The token’s worth went up by greater than 4% over the past seven days. Nevertheless, issues took a U-turn within the final 24 hours as its worth went down.

Based on CoinMarketCap, MATIC’s worth dropped by over 2% yesterday. On the time of writing, it was buying and selling at $0.5634 with a market capitalization of over $5.2 billion.

A have a look at the token’s metrics revealed what went mistaken over the previous few days. It was stunning to notice that regardless of the current worth drop, the token’s MVRV ratio was nonetheless comparatively up final week. Its social quantity additionally remained excessive, reflecting the token’s reputation.

Nevertheless, issues had the potential to worsen for MATIC. A have a look at the token’s each day chart confirmed that its Chaikin Cash Movement (CMF) registered a steep decline because it went method underneath the impartial mark.

Its Relative Power Index (RSI) additionally registered a slight downtick because it additionally went close to the impartial mark. Nevertheless, MATIC’s MACD remained within the patrons’ favor because it displayed a bullish crossover.