Assets covered: Polygon (MATIC)

Metrics used: Active Addresses, Network Profit Loss, Exchange Inflow, Active Deposits, Social Volume, Holders Distribution, Supply on Exchanges

MATIC is breaking a new ATH. How strong is this move? Where are we in terms of onchain activity and social metrics?

Active Addresses

This is not bad. Yeah we've got three solitary spikes which are probably because of deposit activity rising, but overall this is decent network activity. 8,000 daily active addresses is massive. Probably in top-5 most active coins in Ethereum. Definitely one of the most used coins. Super strong!

Network Profit Loss

Look at this. We're at ATH. And... just nothing? No profit taking?

Exchange metrics (Exchange Inflow and Active Deposits)

It doesn't look like much honestly. It's actually quite low. Except exchange inflow finally spikes an hour before writing this.

Social Volume

It was getting lower and lower and now we finally see people reacting to ATH with some delay. Was a little bit concerning to see not that many people reacting to a new ATH for MATIC. A sign of greed. Looking healthier now.

Holders Distribution

Whales from 1M to 10M were comfortably accumulating until recent rally.

Smaller whales are showing some accumulation pattern. Except last few days too.

Supply on exchanges

Looking quite nice. Flat for a while and then declining for a couple of months. This is exactly what we want to see for a healthy rally.

Summing up

MATIC is looking good in terms of fundamentals. Active addresses are at Ethereum's highest numbers, even if we exclude polygon-based tokens. The problem that we are seeing is that even though it's an ATH, we're seeing a relatively lacks of response in terms of active deposits. And whales are offloading. We could probably rather see some sell offs in the next 24 hours, just so MATIC can correct, and then push another leg up.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.