Polkadot(MATIC) Token Age Consumed Reaches New ATH

According to Santiment Feed, the token age users have consumed on the Polygon network reached a new record high. The crypto analytics network noted that the number of dormant and old addresses moving large amounts of MATIC has increased.

Timeline of Polkadot-new, Polygon

The price of Polkadot (DOT) shows strength after bouncing from key support on the weekly chart against Tether (USDT). After Bitcoin (BTC) bounced from its monthly low of $19,000, this signaled a relief for other crypto altcoins including the price of Polkadot.

Polkadot price analysis reveals that the DOT/USD pair is in a bullish trend as it shows potential to resume its uptrend. The pair is currently trading at $8.37, and a breakout above the $8.43 resistance could see it target the $9 level.

Polygon network continues to see impressive growth within its ecosystem. Just a day ago, the Polygon contract address released 13.87% of the total supply to the foundation contract address.

Over the last seven weeks, Polygon [MATIC] marked a streak of higher highs and troughs that approached its daily 200 EMA (green). This trend-altering recovery provoked a much-needed bullish flip on the EMA ribbons.

Polygon (MATIC) is one of the top layer 2 ETH scaling solutions available today. So, to keep our readers informed of happenings in the MATIC ecosystem, we have compiled some of this week's top Polygon updates.

While Polkadot [DOT] ended July strongly, the start of August was on the opposite side. On the last day of the previous month, DOT increased from $8.2 and went as high as $9.11—driving good profits for its short-term investors.

Serenade- “Will of the People,” the eighth studio album by vulnerable rock band Muse, will be released as NFT on August 26 and is expected to be the first song to hit the charts in both the UK and Australia.

Can Polkadot (DOT) hold on to dear life as its price nosedived by 4% on the daily charts right after it peaked at $8.84? The $8 support line is seen as a critical zone for the coin, especially with the prevailing seller pressure going on.

Polkadot price analysis has turned bearish today, as price dropped more than 9 percent over the past 24 hours. DOT seemed to be targeting the $10 resistance after embarking on a strong bull run that initiated on July 26, 2022.

The Polkadot price analysis indicates profit booking at a higher level. However, the correction from the higher levels was due following from an extended uprend that took price to $9.20.