Did Polygon’s recent network developments affect MATIC?

• Polygon launched POL contracts on the Goreli testnet last week. 
• MATIC’s weekly chart was green, but the latest metrics were bearish. 

Polygon [MATIC] had a busy week as several major developments took place over the last few days. Today In Polygon recently posted a tweet highlighting most of the notable developments from last week. While that happened, MATIC also managed to push its price upward. 

A look back at Polygon’s week

Today In Polygon recently posted a tweet highlighting how the blockchain’s development has performed over the last seven days. For instance, the most notable development that happened last week was related to Polygon 2.0.

The last 7 days in Polygon👇👀

💜 POL contracts went live on Testnet

💜 Google Cloud became a Polygon Validator

💜 Reddit Avatars reached 20M holders

💜 Polygon zkEVM reached 6M transactions

💜 Polygon zkEVM reached 450K unique addresses

💜 @AstarNetwork announced Astar… pic.twitter.com/z0VxFC8NBN

— Today In Polygon (@TodayInPolygon) October 6, 2023

The blockchain’s much-awaited Polygon 2.0’s POL contracts recently went live on its testnet. POL contracts have been deployed on the Goerli testnet, and two proposals setting forth potential changes to the native token burning mechanism necessary for future upgrades went live as well.

Today, as a result of community consultations, POL contracts will be live on Goerli testnet.

A major step towards bringing Polygon 2.0 to life.

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Based on the community’s feedback during the PIP governance process, PIP-24: Change EIP-1559 Policy & PIP-25: Adjust POL Total Supply,… pic.twitter.com/li8OF0o3jC

— Polygon Devs 📍 DevX Global Tour (@0xPolygonDevs) October 4, 2023

Apart from that, another major development was Polygon’s partnership with Google Cloud. Google announced that it has become a validator for the Polygon blockchain.

Apart from that, the blockchain’s rollup, zkEVM, also reached new highs as its total transactions exceeded 6 million. The rollup’s unique addresses also exceeded the 450k mark last week.

How is MATIC faring?

The last week was also profitable for MATIC as the token registered gains. The token’s price went up by more than 4% over the last seven days. However, things took a U-turn in the last 24 hours as its price went down.

According to CoinMarketCap, MATIC’s price dropped by over 2% yesterday. At the time of writing, it was trading at $0.5634 with a market capitalization of over $5.2 billion.

A look at the token’s metrics revealed what went wrong over the last few days. It was surprising to note that despite the recent price drop, the token’s MVRV ratio was still relatively up last week. Its social volume also remained high, reflecting the token’s popularity.

However, things had the potential to worsen for MATIC. A look at the token’s daily chart showed that its Chaikin Money Flow (CMF) registered a steep decline as it went way under the neutral mark.

Its Relative Strength Index (RSI) also registered a slight downtick as it also went near the neutral mark. However, MATIC’s MACD remained in the buyers’ favor as it displayed a bullish crossover.