MATIC concluded August with the return of bullish sentiment after an overall bearish month. While this convinced some whales to ease off the selling pressure, some continued taking profits.
concluded August with the return of bullish sentiment after an overall bearish month. This was evident from the altcoin’s weighted sentiment metric which rocketed aggressively in the last three days to a four-week high. This confirmed that investors switched in favor of bullish expectations.In addition to the weighted sentiment spike, MATIC’s on-chain volume also went up considerably during the same period. These findings suggested that there was a significant surge in on-chain activity.
MATIC peaked at $0.63 during Tuesday’s trading session, marking an 18% upside from its August lows. It has since pulled back slightly and exchanged hands at $0.57 at press time.MATIC’s recent upside allowed it to bounce off from the oversold zone. The last time the token was oversold, was in mid-June. The bulls took over and managed to rally by over 50%. Additionally, the ongoing price action suggested that history was repeating itself.
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