Polygon, a popular blockchain scaling solution, might be on the verge of a price rebound, according to crypto analytics firm Santiment.
Signs of a Reversal
Santiment has observed a surge in active addresses and dormant coin movement on the Polygon network. These are often seen as indicators of a potential price increase.
Rebranding and Polygon 2.0
This uptick in activity comes as Polygon prepares for a major rebranding on September 4th. The new POL token will replace MATIC as the network’s native currency for gas fees and staking. This rebranding is part of Polygon’s transition to Polygon 2.0, which aims to make the project the “value layer of the internet.”
What is Polygon 2.0?
Polygon 2.0 is a major upgrade that will expand the Polygon ecosystem from a single chain to a network of interconnected L2s (Layer 2 solutions). This will allow for greater interoperability and shared liquidity between different chains.
The Bottom Line
While Polygon has been struggling along with the rest of the crypto market, these recent on-chain metrics suggest that a price reversal might be on the horizon. The upcoming rebranding and transition to Polygon 2.0 could also contribute to a positive price shift.
Disclaimer: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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