The Polygon price has struggled in the past few days even as the rest of altcoins have jumped. The MATIC price is trading at $1.0850, which is slightly below last week’s high of $1.1967. It has a market cap of more than $6.97 billion, making it the 19th biggest digital coin in the world.
The Polygon ecosystem has been in a strong growth in the past few months as Ethereum developers take advantage of its speed and stability. In the past few months, Ethereum projects like Aave, Curve Finance, and Marlin have launched projects on the ecosystem.
As a result, it has now become possible to yield farm using the blockchain project. To farm on the Aave ecosystem, you just need to select Aave Polygon’s platform, connect your wallet, deposit funds, and start making interest. You can also do that using other DeFi platforms like Curve Finance and DinoSwap.
Data shows that the total value of all staked MATIC has jumped to more than $1.786 billion in the past few months. At the same time, the total transactions per day in its ecosystem has jumped to more than 7 million while the number of active addresses has risen to more than 660k. This is notable since the ecosystem has been growing sharply in the past few months.
The four-hour chart shows that the MATIC price has been in a tight range in the past few weeks. Along the way, the price has formed an ascending channel shown in black. The price is along the lower line of this channel. It has also moved slightly below the 25-day and 50-day moving averages.
Most notably, the Polygon price has formed an inverted head and shoulders pattern. This is a sign that the coin will soon bounce back since the pattern is a bullish sign. If this happens, the next key resistance level to watch will be $1.75, which is about 65% above the present level. This view will be invalidated if the price drops below $0.90 will invalidate this view.