While Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have garnered attention due to ETFs and memecoins, Polygon (MATIC) has seen significant growth since the beginning of the year.

📈 Activity on the Rise
Data shows a 200% increase in daily active addresses since the year began. Despite this, MATIC's price fell by 19%. After a period of sideways movement, MATIC exhibited a bearish trend, forming lower lows and lower highs. For a reversal, MATIC needs to re-test and break past $0.6346 and aim for $0.6886. The RSI at 52.65 indicates some bullish momentum, but the negative Awesome Oscillator (AO) signals weaker short-term movement.

🔗 MATIC’s On-Chain Signs
On-chain metrics reveal positives for MATIC. Network growth has increased, indicating more new addresses accumulating MATIC. The increased velocity suggests more trading activity. However, large holders are selling, while retail interest drives the recent growth.

📉 Trader Sentiment
Retail spot traders show interest in accumulating MATIC, but futures and options traders are less enthusiastic. Coinglass data reveals a significant drop in Open Interest for MATIC since April 1.