Polygon (MATIC) Soars 60% in Q2: Bullish On-Chain Metrics & Technicals

Key Points

  • Polygon exhibits bullish on-chain metrics.
  • Technicals suggest an over 60% boost in Q2.
  • The Dehli hard fork will improve network performance.

Polygon’s Bullish On-Chain Metrics

Polygon (MATIC) has experienced a 36% drop since the local peak of $1.56 on February 18. However, several factors point to a bullish quarter for Polygon. According to a quarterly performance report by the analytical platform Messari, the Polygon PoS chain recorded an average of 400,000 daily active addresses and added 22 million new addresses during the quarter. In addition to being one of Ethereum’s scaling solutions, Polygon Labs is pursuing an aggressive business development strategy partnering with both Web3 and legacy companies, operating a venture arm, and developing a decentralized identity solution Polygon ID. Furthermore, Polygon recorded a near-50% advance in market cap compared to Q4 2022, as the metric reached $10.2 billion by March 31. The boost in total fees stood at 92%, reaching $11.8 million in the same period. Transaction volumes remained consistent throughout the year despite the crypto drawdown.

Technicals Suggest Over 60% Boost in Q2

As mentioned, MATIC declined 36% since its peak in February 18th. However, it has formed what is called a “rising channel” since May 2022 which entails two parallel trendlines and a relevant mid-range that take MATIC’s price incrementally higher through consecutive support and resistance retests. If this pattern remains applicable then MATIC could see an over 60% surge potentially reaching approximately $1.7 by end of quarter two this year.

Delhi Hard Fork Improves Network Performance

The upcoming Delhi hard fork will improve network performance by introducing low gas fees for transactions on Layer 2 networks built on top of Ethereum’s mainnet such as Polygon’s Matic Network and Optimism among others according to their official blog post release date April 16th 2021 . This ensured that users can send microtransactions while keeping gas costs low which makes these blockchains suitable for high volume transfers like non-fungible token trading or gaming applications requiring micropayments among other use cases..


Overall with bullish on-chain metrics along with technical analysis predicting positive growth towards end of quarter two this year plus improvements from soon to be released Delhi Hard Fork there is potential for MATIC tokens to experience notable gains within upcoming months if predictions hold true .