Biggest Movers: MATIC 5% Lower on Tuesday, Hitting a 2-Month Low

Polygon was one of the biggest movers in crypto markets on Tuesday, as the token fell by over 5% in today's session. The decline saw the token fall to its weakest point in two months, breaking out of a key support point in the process. Cardano was also in the red today.

Timeline of Polygon

Polygon (MATIC) is showcasing an impressive jump in its total whale transactions over the past week as every altcoin explores hidden triggers that can fuel price growth. For Polygon, data from crypto analytics platform IntoTheBlock (ITB) shows that whale transactions on Polygon have surged as high as 49.44% over the past week.

The MATIC price correction trend formed a new lower high at $0.891 and tumbled aggressively in the last five weeks. This downfall registered a 40% loss and evaporated the entire gain accumulated in the June-July rally.

Polygon (MATIC) price has slid below $0.55, its lowest since July 2022, as investors switch attention to newer L2 networks. The on-chain analysis outlines key indicators that could push MATIC's price deeper into the danger zone.

Polygon (MATIC) has entered a phase of consolidation, hovering just above the crucial $0.50 mark. The coin's recent retracement to June lows has garnered significant attention from bullish investors, even as the broader crypto market remains hounded by uncertainties and price plunges.

Amid the recent correction phase in the crypto market, the MATIC price witnessed a V-top reversal from the $0.8819 resistance. This reversal evaporated the entire recovery from the buyers' build during the June to mid-July recovery, heading towards the last swing low of $0.508.

Magic Eden has announced the launch of a $1 million fund dedicated to supporting creators building on the Polygon blockchain. The fund aims to bolster a blue-chip NFT presence on Polygon, a blockchain renowned for web3 gaming.

Polygon Labs, the development studio behind leading EVM blockchain Polygon (MATIC), expands its range of partnerships by a collaboration with the largest telecom provider in South Korea. SK Telecom adds Polygon (MATIC) support to its NFT marketplace and existing Web3 products.

Polygon Labs has partnered with Korean telecommunications company SK Telecom to develop a complete Web3 ecosystem. Enhancing Web3 Ecosystem with Polygon Integration International software development company Polygon Labs has announced a strategic collaboration with Korean mobile giant SK Telecom (SKT) to develop a robust Web3 ecosystem.

Fast food icon Grimace is set to make its mark in the digital world through a giveaway organized by McDonald's in Singapore. What Happened: Starting from August 21, McDonald's regional branch will offer a total of 2,000 NFT collectibles featuring Grimace each with unique expressions and accessories.

In this article we take a look at all the progress made by the Polygon crypto project team in Q2 2023, including a look at on-chain data on metrics such as active addresses, daily transactions and gas paid by users.