The Polygon [MATIC] network and its native have been moving towards the green than staying around the red lately. Additionally, trader optimism has been high due to celebrations around 4 July. MATIC, has thus, witnessed a rampant price surge alongside a recovering crypto market.
A day to behold!
The crypto market has been flashing a lot more greens on 5 July as compared to 4 July. Polygon’s MATIC has also been accompanied by the bulls during this period. In fact, MATIC has gone on a 15.5% rebound since 4 July, effectively clearing out the weekly diminishes. After this rebound, MATIC is currently trading at $0.52 and is looking to gain motion in the days to come.
This timely reversal has ensured a degree of positive sentiment among investors now that their beloved currency is gaining ground in the market. Polygon, on the other hand, has been also been showing its versatility in both Web2 and Web3 markets. This pattern has also emerged strongly on the Ethereum network.
Polygon’s latest collaboration with HTC is a clear signal of its versatility. HTC launched its first metaverse phone, “Desire 22 Pro” with applications from its metaverse arm Viverse. The 6.6-inch sized phone has additional support from Polygon and Ethereum.
“With Viverse apps and Vive wallets built into the phone, users can create virtual avatars and manage crypto assets, including non-fungible tokens (NFTs) and cryptocurrencies on Ethereum and Polygon”, the company said in a press release.
This move will be huge boost for Polygon as it aims to rise in the crypto market after the latest bearish cycle.
Developments in the Web3 space have also been gaining some traction lately. Polygon has often been regarded as a low-cost scalable network and it certainly lives up to that. The projects on Polygon have recently gained social engagement and they have shared the data for the same.
Furthermore, as per a recent update, the top projects on Polygon with highest social engagement are listed below. Gala, Nakamoto Games, WOO Network, and Shyft Network top the list of engagement on social media.
What about MATIC?
These developments along with the festive fever have massively aided the MATIC on-chain data. The MVRV has seen a lift-off in the recent bull run and MATIC is currently overvalued at 9.9%. However, investor pain threshold was massive during the crash in mid-June. During this period, the MVRV ratio had dipped to -30% providing a major blow to the token.
The volume on the network also continues to rise. In the past 24 hours, MATIC has seen an uptick of 57% on its network. It may be due to the festive rush, but investors will welcome the rising prices with open arms.