Crypto Push

​​Will Bitcoin continue crashing; what’s the source of its latest downside The Bitcoin BTC narrative that has prevailed in the last few weeks is that it was still trading at a discount between the $20,000-$22,000 price range. Despite this, it still experienced a lot of selling pressure which pushed the king coin below $20,000. Bitcoin’s inability to stay above $20,000 suggests that there was incoming sell pressure that overwhelmed the prevailing demand. It turns out that some of the selling pressure was due to outflows from miner reserves. Bitcoin miner reserves dropped by 7817 BTC from 6 August to the present. This equates to roughly $154 million at its current price range. Although that kind of sell pressure is still low compared to Bitcoin’s daily volumes, it was enough to trigger a sentiment shift. N0tably, the selling pressure was also exasperated by an increase in sell pressure from leveraged long liquidations. There were multiple instances in August where long liquidations spiked, curtailing any potential upside. Furthermore, miner flows have slowed down in the last two days and the same goes for long liquidations. This has given way to a slight uptick in Bitcoin’s open interest, suggesting that the demand from the derivatives market is increasing. The impact of the selling pressure observed in the market has undoubtedly triggered the return of FUD (Fear Uncertainty and Doubt). This has affected institutional and whale investment, triggering more outflows. Much to the surprise, Bitcoin ETFs contributed significantly to the selling pressure. The same applies to addresses holding more than 1,000 BTC. Is it a good time to buy? The outflows from whales and institutions have notably reduced, hence the selling pressure has reduced. The king coin is yet to recover from the downside, suggesting that investors are still on the fence about FOMOing back in. Bitcoin’s current market conditions suggest that there is still a lot of uncertainty in the market. Although there is a chance that Bitcoin might recover from the current levels, macroeconomic factors might lean towards the bearish side. Increased interest rates might place more pressure on investors, leading to additional outflows. On the plus side, investors may have a better opportunity to buy in at lower prices if Bitcoin continues its decline.

​​Losing this level could see Dogecoin drop swiftly to $0.048 Dogecoin DOGE has been in a downtrend since November 2021. The downtrend has been interspersed with swift rallies of double-digit percentage gains. One such rally for DOGE in the past month, when DOGE climbed nearly 50% from the $0.059 low to reach the $0.087 high in August. At press time, Dogecoin sat precariously in a demand zone. The longer timeframe market structure was bearish for Dogecoin, and Bitcoin showed weakness on the charts as well. DOGE- 1-Day Chart The movement of Bitcoin always has a strong impact on the performance of altcoins. Dogecoin and similar meme coins have a tendency of popping off near the end of a Bitcoin rally and crash harder than Bitcoin. This appeared to have happened in mid-August when BTC’s move to $24k topped out but DOGE still had the stead to push from $0.07 to $0.085. At press time, DOGE traded at $0.062 and was within a zone of demand from July. Based on price action, a move to $0.07 appeared plausible. The liquidity in the $0.06 pocket can be tested by another wick downward, but so long as the price does not close a daily session below $0.057, there was a chance of a move upward. This idea gains some credibility when we consider the fact that July and a good part of August saw DOGE range between $0.063 and $0.07. Yet, Bitcoin faces stiff resistance at $20.4k and $20.8k. If BTC can climb past these levels, Dogecoin might be able to gather the impetus for a move upward. Rationale The indicators showed some bearish bias for DOGE. The Relative Strength Index (RSI) slipped beneath neutral 50 in the past two weeks, to highlight bearish momentum on the daily timeframe. The On-Balance Volume (OBV) did not see a sharp drop. In fact, the OBV also stood at a level of support that has been respected in the past few months. The Chaikin Money Flow (CMF) has shown intense selling pressure throughout August. The Bollinger Band (BB) Width indicator was also on the rise. The indicator reflects the recent surge in volatility following DOGE’s drop from $0.085. Conclusion If the OBV is unable to hold on to the support level in the next week or two, DOGE might be set to witness a sharp drop beneath $0.057. The $0.062 level has been important in February and March of 2021. Losing this level could see DOGE drop swiftly to the $0.048-$0.05 zone. This downward move hinges on Bitcoin falling on the price charts. The $19.2k-$19.6k is a region BTC bulls would want to see defended.

​​Ethereum miners are not ready to jump ship, ‘why’ might surprise you Ethereum ETH mining has been the most profitable option for miners in the recent past. However, with the upcoming Merge, there has been a lot of speculation about ETH miners jumping ship. There have been reports that miners may move to mine other coins, such as Ethereum Classic ETC. As the Merge appears closer, there are also speculations that a majority of the miners will abandon mining ETH and start looking for alternatives. But, in a surprising turn of events, it is now being observed that a large number of miners are flocking to mine Ethereum. A change of heart According to OKLink, the balance of Ethereum miner addresses exceeded 260,000, with a total of 261,848. This number has risen to that of April 2018, a record high in four years. One of the reasons for the uptick in the increasing miners’ interest could be- miners want to accumulate ETH before the Merge. Miners could then stake more ETH and improve their chances of validating blocks. Another reason for this spike could be that ETH mining is still very profitable for miners. Furthermore, they may want to garner as much profit as possible before switching to another PoW cryptocurrency. Although miners have been displaying their interest in mining ETH, it remains to be seen what kind of impact this development will have on ETH. Currently, the volume of transactions has been relatively stable, with some highs seen during the beginning of August. The marketcap dominance, however, has been on the rise since July and it has grown by 33.89%. At the time of writing, Ethereum held 18.83% of the market share. However, the altcoin may end up capturing more of the crypto market after the Merge. So we do know what the miners feel about Ethereum at the moment, but what is going on in the social sphere? On the whole, Ethereum’s positive sentiment has somewhat overpowered the negative sentiment.

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​Forecasting Avalanche’s turnaround potential after >10% daily loss Over the last four days, Avalanche [AVAX] expedited its bearish volatile break after an expected breakdown from its pennant. The two-week trendline resistance (white, dashed) served as a reliable reversal trigger for the sellers. Now that AVAX lost the vital $19.7 baseline, the subsequent breakdown over the past day has entailed high selling volumes. At press time, AVAX was trading at $18.03, down by a staggering 10.61% in the last 24 hours. AVAX 4-hour Chart AVAX’s reversal from the $30 zone put it back into a bearish track while it swayed below the basis line (green) of the Bollinger Bands (BB) for the most part. The bearish pennant alongside the two-week trendline resistance only reinforced the bearish vigor to propel an extended decline below the $19.7 level. Meanwhile, the basis line looked south while the Supertrend continually revealed a selling signal. A convincing close below the $17.9 zone can aggravate the ongoing selling spree. In this case, the bears would aim for a price discovery mode to find fresher lows. The potential targets would lie in the $16.5-$17.4 range. On the other hand, a revival from the $17.9 level could confirm a bullish hammer candlestick. In these circumstances, the buyers would aim to constrict the bearish volatility to test the basis line of BB in the $20.2-zone. Rationale The Relative Strength Index (RSI) kept diminishing to reflect a severely oversold position. A plausible revival from these lows could ease the near-term selling pressure. Also, the buyers must wait for a potential bullish crossover on the MACD lines to gauge the chances of a likely reversal. Nevertheless, the Chaikin Money Flow (CMF) ensured flatter lows while revealing a mild bullish divergence with the price. A continued northbound movement beyond the -0.15-level would hint at a reversal sign. Conclusion Given the breach below the $19.7-level alongside the bearish Supertrend, the sellers took strong control of the near-term trend. However, the oversold readings on the BB and the RSI keep the revival hopes alive. While trading against the trend may not be advisable, traders could consider the reversal triggers discussed in the ‘rationale’ section. The targets would remain the same as discussed. Finally, broader sentiment analysis and on-chain developments should be considered to make a profitable move.

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​Terra Classic holders would be happiest to know about this upgrade Terra Classic [LUNC] recently stole the limelight from several cryptocurrencies after sitting on the backbench for a couple of months. The crypto’s value surged over the last few hours by nearly 20%, making it one of the most discussed coins on 26 August. At the time of writing, LUNC was trading at $0.00011816 with a total supply of 6,907,072,876,045. The most prominent reason for this sudden surge is the release of LUNC’s new network update, which brought new hopes to investors. Community’s excitement is for real During this price surge, Twitter was flooded with LUNC supporters as they reacted to the price hike after months of inactivity. Overjoyed “twitteratis” also spoke about the possibility of LUNC hitting $1. Though that development might not happen anytime soon, the good news is that along with the price, a massive rise in 24-hour trading volume was also seen on the chart. The volume went from $50 million on 25 August to more than $300 million on 26 August. Thus, indicating the increasing interest of investors in the token. Well, it’s here to be noted that the new network upgrade is a major game changer as it brings along with it the much talked about 1.2% tax burn, which is expected to change LUNC’s fate. According to the plan, the burn protocol will be implemented on 27 August. This too sparked a new flare of excitement in the community. After the implementation of the protocol, for every buy/sell transaction, 1.2% of LUNC coins will be burned until the supply reaches the 10 billion mark. By limiting users’ and trading bots’ short-term trading, a 1.2% burn would encourage long-term investors. This would also help LUNC rise up the ladder in the coming months. It’s up and up from here Not to forget, after the massive Terra crash, LUNC’s price plunged severely, and since then the token has struggled to push its price upward. However, looking at certain metrics and LUNC’s price chart suggested the scenario had finally changed. With the recent gains and the network upgrade, things seem to be in favor of LUNC. Nonetheless, the token’s social dominance witnessed a plunge while the coin was gaining upward momentum in price. Additionally, Santiment’s chart also indicated a subtle incline in LUNC’s development activity after 25 August, this might help build more trust. Meanwhile, a look at LUNC’s four-hour chart painted a similar picture of bullish market conditions. The 20-day EMA indicated buyers’ advantage. The reading of Moving Average Convergence Divergence (MACD) also hinted at a bullish momentum. Thus, increasing the possibility of a further surge in its price over the coming days. However, the Relative Strength Index (RSI) indicated that LUNC was near the overbought zone, which can affect LUNC’s price adversely. With all the new developments within the LUNC ecosystem, investors should keep an eye on the coin and make trading decisions cautiously.

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​​Crypto traders in Asia might not be happiest to read this report Asia became a hotbed for cryptocurrency adoption following the 2020 COVID-19 pandemic. In its latest report, the International Monetary Fund (IMF) found that the general cryptocurrency market and the Asian equities market now share a strong correlation that was non-existent before the pandemic. A post-COVID crypto world? Before the pandemic hit, the IMF found that concerns related to financial instability in Asia were minimal as the cryptocurrency market “seemed insulated from the financial system.” However, when COVID-19 hit, Asia saw significant cryptocurrency trading activity as many stayed at home and received aid from the government. Interest rates around the world were also lowered, which meant people could access credit facilities. All of these drove the value of the total cryptocurrency market up by 20 times to $3 trillion in less than two years. Additionally, the IMF found that the cascading impact of the pandemic in Asia led to a growing acceptance of crypto-related platforms and investment vehicles. Furthermore, the adoption rate of cryptocurrency by retail and institutional investors in Asia who already had positions in the equity and crypto market before the pandemic grew significantly. Asia, whose general impact in the crypto world went unnoticed pre-COVID, has now become a force to reckon with. The reason for this is the cryptocurrency trading volume that came from the region became a major source of the global surge in the past few years. Herein lies the correlation According to IMF, as Asian investors increased their presence in the cryptocurrency market during the pandemic, the region’s equity markets and cryptocurrencies, including Bitcoin BTC and Ethereum ETH, developed a stronger correlation in their performances. In this regard, the United Nations agency noted, “While the returns and volatility correlations between Bitcoin and Asian equity markets were low before the pandemic, these have increased significantly since 2020.” Furthermore, the IMF found that the correlation between expected returns on Bitcoin investments and Indian stock markets “have increased by 10-fold over the pandemic.” Well, this could be attributable to cryptocurrencies’ limited risk diversification benefits. IMF also stated that volatility correlations between Bitcoin investments and the Indian stock markets have grown by three times its initial position. According to the report, this could mean “possible spillovers of risk sentiment among the crypto and equity markets.” This is not limited to just India. The crypto-equity volatility spillovers also exist in Vietnam and Thailand, showing the increasing correlation between both asset classes. War against crypto It’s here to be noted that the Indian government has taken a rather harsh approach to tax cryptocurrency activities in the country. In March, the Indian parliament passed a controversial bill into law that levied a capital gains tax of 30% on cryptocurrency transactions in the country. Since July, a 1% tax deducted at source (TDS) has been levied on every cryptocurrency transaction in the country. According to data from Nomics, cryptocurrency trading volumes on Indian exchanges like WazirX have since dropped.

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​​Review of Litecoin’s price show you wouldn’t want to miss Litecoin’s price has been on a bullish run since the past month, with the coin seeing a 25.18% growth in its price action. Following the broader market cues, the growth of the coin has been consistent over the past month One of the reasons for Litecoin’s substantial growth could be the increasing interest from whales in the recent past. From a steep low that was seen on 26 July, the interest from whales can be seen increasing at a steady amount with the price following suit. Although it is a bullish indicator, a high correlation between the price and whale action could make the cryptocurrency vulnerable to a pump and dump. Even though an increase in wallets holding $10 million is a good sign, there need to be more indicators of stability in altcoin’s growth. Luckily we can see that the number of unique addresses being registered has been growing. With Litecoin boasting 150 million unique addresses, second only to Bitcoin and Ethereum in this regard, things are looking up for LTC. The price and the on-chain metrics aren’t the only things on Litecoin’s side, it seems as if the Canadian government has given its nod of approval to the coin as well. No Cap In an unprecedented move, the Canadian government recently decided to put a cap on retail investors’ expenditure on crypto, limiting them to $30k CAD. The cryptocurrencies exempt from this are Bitcoin, Ethereum, Litecoin, and Bitcoin cash. Evidently, Litecoin has taken a seat with the big players in crypto. This kind of approval from the Canadian government may result in a growth of investors’ trust in the altcoin. This news has also sparked an interest in Litecoin on social media platforms. Consider the chart below, for instance. With the ever-increasing hype of Litecoin and its collaborations with major companies like PayPal, Litecoin’s future is looking bright at the moment.

​​USDT takes this long stride to win the stablecoin battle with USDC The battle between the top two stablecoins continues to see new feuds over land on a monthly basis, each taking turns to strategize their winning plays. So here’s the latest fact check on the current state of this ever-lasting competition. Placing my bets on… The total market capitalization of stablecoins stood at about $153.8 billion, with a trading volume of $56 billion in the past 24 hours. Mainly the top two stablecoins, Tether’s USDT and Circle’s USDC made headlines. However, the leading stablecoin has suffered a lot over the last few months post the UST fiasco. Consider this for instance. Tether USDT had a market share of 47.5% at the beginning of 2022, while Circle’s USDC had 25.8%. But Tether’s popularity has decreased since. Thus, reducing its market share to less than 40%. On the other hand, Circle’s stablecoin has continued to narrate impressive stories since the beginning of this year. But it looks like the tables have turned. At press time, the market value of USDT stood at 67.5 billion, accounting for 43.9%; the 24-hour trading volume was 45.4 billion, accounting for 81%. And, it maintained the $1 peg despite hiccups. In fact, in the past 30 days, the market value of USDT has increased by 2.6%, while the market value of USDC has decreased by 2%. Meanwhile, the ratio of Tether on exchanges went up by 20% in the last three months, according to Santiment data. The ratio went from 19.7% on 9 May to 42% as of 14 August. Ergo, marking the first time USDT supply on exchanges increased to over 42% since April 2020. Needless to say, compiling such datasets would directly affect USDT’s trading volume as well. This was exactly the case here as trading volume surged to the 56 billion landmark. In fact, sharks (holding between 10k and 100k) showed intense accumulation in the last two to three weeks. Nevertheless, USDC did, indeed, showcase some promising stats to support the aforementioned prediction. For instance, a month ago, it crossed Tether’s USDT by the number of daily transactions on the Ethereum blockchain. Furthermore, Circle’s coin remains the most-used stablecoin in the transferring volume aspect. As per Dune analytics, USDC holds a share of 55.5% on this front. Tether only has a share of 18%.

​​Bitcoin: Stacking sats in your portfolio? Expect this in coming months Over the past few months, the crypto market witnessed a severe downfall, marking the year’s lowest in mid-June. The king of all cryptos’ Bitcoin, also could not evade the effects of the crash and touched its 2022 low of $17,700 on 20 June. However, since the last negative growth, BTC has gained an uptrend and it has been on a steady patch to recover its value; recently crossing the $24,000 mark. Notably, at the time of writing, BTC traded slightly lower at $23,958 with a market capitalization of $458,062,265,258. What’s going on In June, BTC hovered near the psychological level of $19,000 for a few weeks, and then an uptrend began. Along with the increase in its price, a surge in BTC’s percent supply in profit was noted as the metric reached a 3-month high of 62.03% on 12 August. Past data pointed out that the percentage supply in profit never went below 65% in the last two years until January 2022 when it reached 64%. Then it surged for a while and declined to mark its 2-year low. Interestingly, as percentage supply in profit is inversely related to total supply in losses, the latter marked its 3-month lowest point at 7.123 million. Apart from percentage supply gains, the lightning network, which is an off-chain network that can be used to send or receive Bitcoin, also marked its all-time high. At the time of writing, the maximum capacity of the Lightning Network was 4,560 BTC. As per Glassnode’s data, a considerable increase was registered in the network’s total capacity despite the crypto winter. The flip side All the aforementioned developments give an indication that BTC’s performance over the last few months has been better than the first quarter of 2022. As always, the opinions are diverse in this dynamic crypto industry. Peter Schiff, the chairman of SchiffGold and CEO of Euro Pacific Capital, recently predicted that forced selling might yet cause the price of Bitcoin to go as low as $10,000. Furthermore, he stated that not only Bitcoin but also several other crypto companies will go out of business in the near future. Bottomline While looking at the BTC’s chart, the largest crypto in the world showed support and resistance at $19,000 and $22,200, respectively. However, within the last few weeks, BTC managed to flip the resistance into its new support and grew further to cross the $24,000 mark, giving hope for brighter days ahead. The Bollinger Bands suggest that after being in a highly volatile zone, the price of BTC might witness a crunch soon, indicating a breakout in either direction. Although over the past few months, BTC has achieved quite a few milestones, the same forward trend cannot be guaranteed. As mentioned by Peter Schiff, data shown by the CMF, suggests that bears had a slight upper hand in the market.

​​Bitcoin: Stacking sats in your portfolio? Expect this in coming months Over the past few months, the crypto market witnessed a severe downfall, marking the year’s lowest in mid-June. The king of all cryptos’ Bitcoin, also could not evade the effects of the crash and touched its 2022 low of $17,700 on 20 June. However, since the last negative growth, BTC has gained an uptrend and it has been on a steady patch to recover its value; recently crossing the $24,000 mark. Notably, at the time of writing, BTC traded slightly lower at $23,958 with a market capitalization of $458,062,265,258. What’s going on In June, BTC hovered near the psychological level of $19,000 for a few weeks, and then an uptrend began. Along with the increase in its price, a surge in BTC’s percent supply in profit was noted as the metric reached a 3-month high of 62.03% on 12 August. Past data pointed out that the percentage supply in profit never went below 65% in the last two years until January 2022 when it reached 64%. Then it surged for a while and declined to mark its 2-year low. Interestingly, as percentage supply in profit is inversely related to total supply in losses, the latter marked its 3-month lowest point at 7.123 million. Apart from percentage supply gains, the lightning network, which is an off-chain network that can be used to send or receive Bitcoin, also marked its all-time high. At the time of writing, the maximum capacity of the Lightning Network was 4,560 BTC. As per Glassnode’s data, a considerable increase was registered in the network’s total capacity despite the crypto winter. The flip side All the aforementioned developments give an indication that BTC’s performance over the last few months has been better than the first quarter of 2022. As always, the opinions are diverse in this dynamic crypto industry. Peter Schiff, the chairman of SchiffGold and CEO of Euro Pacific Capital, recently predicted that forced selling might yet cause the price of Bitcoin to go as low as $10,000. Furthermore, he stated that not only Bitcoin but also several other crypto companies will go out of business in the near future. Bottomline While looking at the BTC’s chart, the largest crypto in the world showed support and resistance at $19,000 and $22,200, respectively. However, within the last few weeks, BTC managed to flip the resistance into its new support and grew further to cross the $24,000 mark, giving hope for brighter days ahead. The Bollinger Bands suggest that after being in a highly volatile zone, the price of BTC might witness a crunch soon, indicating a breakout in either direction. Although over the past few months, BTC has achieved quite a few milestones, the same forward trend cannot be guaranteed. As mentioned by Peter Schiff, data shown by the CMF, suggests that bears had a slight upper hand in the market.

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​​With a 100% rally behind it, is it time for AVAX to finally stop Avalanche has been an up-and-coming chain since last year. Although this year wasn’t particularly favorable for a hike on the charts, Avalanche still managed to retain its position in the DeFi market and is also seemingly strengthening itself in the NFT market. The NFT Avalanche Over the past month, Avalanche gained on both the DeFi front, as well as the investment front. Recently, after the launch of Avalanche’s new NFT marketplace JoePegs, the trading volumes of these non-fungible tokens began rising. In fact, throughout the month of July, NFT sales maintained a high. Starting 1 July, the sales first rose to $117k and averaged at $80k over the next 20 days. In doing so, it marked spikes every now and then on the charts. At its highest, over $179k worth of NFTs were sold through Avalanche NFT marketplaces. As of this month, the average volume has been sitting at $30k. JoePegs’ arrival has been met with acclaim from investors and artists alike. So much so that within a month, it became the biggest NFT marketplace on the blockchain, with higher trades than any other marketplace. This, in return, has had a positive impact on AVAX. Following the same, AVAX joined an exclusive club of a few cryptocurrencies that have risen by more than 100%. Rising from its lows of $15, the altcoin rallied by 100.77% in the span of almost two months to trade at $30, at the time of writing. Interestingly, it hiked by 30% in the last six days alone. However, by the looks of it, AVAX only has a few more days worth of rally left in the tank as the cryptocurrency seemed overbought. The hype surrounding it created FOMO for the altcoin, one resulting in a possible trend reversal over the next couple of days. The same was underlined by the Relative Strength Index (RSI) too. This could affect the bullishness being seen in investors. This resulted in over 19 million transactions last month and over 8.5 million in the previous week alone. If the current conditions persist, by the end of the month, Avalanche could record about 34 million transactions. Alas, the chances may be pretty bleak, especially since the market will need to cool down.

​​Exploring MATIC’s long-term potential post Ethereum ‘Merge’ Ethereum’s Merge date is days away and the countdown has many people wondering about the fate of layer-2 scaling solutions. You may have noticed Ethereum-associated cryptocurrencies and tokens such as MATIC are up substantially in the last few weeks. However, the move to proof of stake will solve some of the scalability issues associated with Ethereum, thus the curiosity about the future of L2s. Polygon is one of the layer-2 solutions whose future might be at stake due to the Merge. However, that will most likely not be the case. Here’s why Although one of Polygon’s benefits is the rapid transaction count which is miles ahead of the Ethereum mainnet. Even so, Polygon also provides significantly lower fees. Congestion and high ETH prices are the main reasons for expensive mainnet fees. ETH’s price has gone up ahead of the Merge and will likely continue rallying. This means the transition to the PoS (Proof of Stake) consensus mechanism will do little to lower gas fees. Polygon and other layer-2 solutions will continue operating to provide lower fees, hence MATIC will still be in demand. Nevertheless, there is more to Polygon than meets the eye. Partnerships with major enterprises such as Disney and Mercedes Benz are just the tip of the proverbial iceberg. Polygon plans to become the bridge for the transfer of liquidity from traditional finance to crypto. These developments might trigger an exponential increase in the demand for MATIC. Thus, aiding its long-term price action. MATIC’s price action MATIC was up by 163% at press time on 4 August, from its bottom in June. It has been ascending within a support and resistance range, which is currently approaching the support line. MATIC’s price action was headed upwards towards the end of last week. However, its price action saw a significant pullback which kicked off at the end of July. This is consistent with sudden and heavy outflows from the supply held by top addresses. Those outflows were arguably due to panic selling courtesy of the selling pressure in the last three days and thanks to MATIC’s vesting schedule. There was also a sharp spike in MATIC’s active addresses in the last 24 hours of 4 August. This is likely due to the return of investors who previously cashed out in anticipation of the sell pressure from the vesting schedule. Investors are now buying in lower, now that the vesting has already taken place. Even the top addresses have increased their balances in the last two days. The quick re-accumulation just days later suggests that investors expect MATIC to continue rallying ahead of the merge. Although MATIC currently looks bullish, investors should consider future vesting schedules which may suppress the price as more tokens are released into the market.

​​Exploring MATIC’s long-term potential post Ethereum ‘Merge’ Ethereum’s Merge date is days away and the countdown has many people wondering about the fate of layer-2 scaling solutions. You may have noticed Ethereum-associated cryptocurrencies and tokens such as MATIC are up substantially in the last few weeks. However, the move to proof of stake will solve some of the scalability issues associated with Ethereum, thus the curiosity about the future of L2s. Polygon is one of the layer-2 solutions whose future might be at stake due to the Merge. However, that will most likely not be the case. Here’s why Although one of Polygon’s benefits is the rapid transaction count which is miles ahead of the Ethereum mainnet. Even so, Polygon also provides significantly lower fees. Congestion and high ETH prices are the main reasons for expensive mainnet fees. ETH’s price has gone up ahead of the Merge and will likely continue rallying. This means the transition to the PoS (Proof of Stake) consensus mechanism will do little to lower gas fees. Polygon and other layer-2 solutions will continue operating to provide lower fees, hence MATIC will still be in demand. Nevertheless, there is more to Polygon than meets the eye. Partnerships with major enterprises such as Disney and Mercedes Benz are just the tip of the proverbial iceberg. Polygon plans to become the bridge for the transfer of liquidity from traditional finance to crypto. These developments might trigger an exponential increase in the demand for MATIC. Thus, aiding its long-term price action. MATIC’s price action MATIC was up by 163% at press time on 4 August, from its bottom in June. It has been ascending within a support and resistance range, which is currently approaching the support line. MATIC’s price action was headed upwards towards the end of last week. However, its price action saw a significant pullback which kicked off at the end of July. This is consistent with sudden and heavy outflows from the supply held by top addresses. Those outflows were arguably due to panic selling courtesy of the selling pressure in the last three days and thanks to MATIC’s vesting schedule. There was also a sharp spike in MATIC’s active addresses in the last 24 hours of 4 August. This is likely due to the return of investors who previously cashed out in anticipation of the sell pressure from the vesting schedule. Investors are now buying in lower, now that the vesting has already taken place. Even the top addresses have increased their balances in the last two days. The quick re-accumulation just days later suggests that investors expect MATIC to continue rallying ahead of the merge. Although MATIC currently looks bullish, investors should consider future vesting schedules which may suppress the price as more tokens are released into the market.