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📌 50% of MATIC holders made a loss.

Less than 45% of holders made profits. Matic

– Less than 45% of holders made profits.

As Naples renewal approaches, MATIC price may rise to USD 1.30.

Polygon [MATIC] has erased most of its recent gains and has only hurt its holders, IntoTheBlock data shows. According to the cryptocurrency analytics platform, 50% of MATIC holders suffered losses.

On the contrary, 44% were in profit and the remaining 6% reached breakeven. This data is surprising given the token’s behavior at a given point in time.

A few weeks ago, AMBCrypto reported that Polygon tokens had grown and were showing potential to reach the $2 mark. However, the past few days have not been good for cryptocurrencies.

At the time of writing, CoinMarketCap showed that the MATIC price has fallen 4.44% over the past seven days. Specifically, the price of MATIC is at $0.99, indicating that the bulls have struggled to get back to the psychological resistance of $1.

However, this drop does not mean that MATIC has dropped out of the token race this season. However, the recovery could be important for short-term holders.

So whether Polygon has a major update that could spur “buy rumors,” AMBCrypto found out that it could.

On March 27, the project announced an upcoming update called ‘Naples Upgrade’. According to the blog post, the upgrade will help Polygon achieve network consensus.

It adds that this will be achieved by improving parallel execution and integrating new operating code for the Ethereum Virtual Machine (EVM).

As a result of the upgrade, the proof-of-stake (PoS) test network located in Naples to Mumbai will be phased out in April. It will be replaced by a test network in Xiamen.

Like the previous updates, the upcoming event could be bullish for MATIC. If buying pressure intensifies, MATIC’s price could rise to USD 1.30.

Despite MATIC’s bullish potential, Polygon still has some problems. One of them is related to total value lockup (TVL).

Polygon’s TVL is approaching USD 10 billion with phenomenal growth in 2021. However, according to DeFiLlama at the time of publication, that figure is only $1.07 billion.

TVL measures the value of assets locked or placed in a protocol: if TVL is rising, it means that market participants have added liquidity to the protocol, contributing to its recovery.

If it is declining, the opposite is happening. Over the past 30 days, deposits into the Polygon protocol have increased by 3.66%. However, this increase is small compared to other chains.

However, this figure does not always affect prices. Therefore, the cost of MATIC may jump regardless of the state of the network.

Bitcoin

Bitcoin

$64,986.61

BTC 1.78%

Ethereum

Ethereum

$3,157.61

ETH 3.26%

Binance Coin

Binance Coin

$571.13

BNB 3.05%

XRP

XRP

$0.53

XRP 4.60%

Dogecoin

Dogecoin

$0.16

DOGE 4.18%

Cardano

Cardano

$0.51

ADA 8.17%

Solana

Solana

$151.15

SOL 6.05%