Polygon Network Sees Surge in RWA Interest, MATIC Price Traction Slows at $0.51 Level
In recent news, the Polygon network has experienced a surge in Real World Asset (RWA) interest, with a notable trial conducted by the European Central Bank (ECB). Polygon founder Sandeep Nailwal expressed excitement over the increasing RWA activity on the Ethereum L2 network, highlighting its potential for growth.
Despite the positive sentiment surrounding RWA interest, data from RWA.xyz revealed that Polygon currently ranks fifth in total market cap, particularly in the US tokenized securities market. This discrepancy suggests that there may be room for further development and expansion within the network.
The rise in RWA interest has had a positive impact on the price of MATIC, Polygon’s native token. However, recent data shows a slight slowdown in traction on the price charts, with $0.51 emerging as a key price level to watch. While MATIC saw a 3% surge following Nailwal’s comments, the overall recovery has stalled above $0.55 and retraced to $0.51.
Technical indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest that MATIC may face challenges in breaking through resistance levels in the near future. Despite this, strong demand has been observed at the $0.51 level, indicating potential support for the altcoin.
Overall, the combination of increasing RWA interest and key price levels to watch make the Polygon network and MATIC token an intriguing area to monitor for investors and traders alike.
