According to an analysis published by analysts at cryptocurrency analytics firm Santiment, one altcoin stands out with bullish signals during the recent cryptocurrency decline.
Despite the declines experienced by many altcoin networks since March, Santiment analysts have drawn attention to Polygon (MATIC). According to analysts, Polygon is experiencing a significant onchain activity spike that could signal a potential comeback. The number of active addresses and dormant coins on the altcoin network have both seen a major increase, which could indicate an imminent recovery.
The cryptocurrency market is experiencing a serious decline, which many analysts attribute to the liquidation of long positions. BTC price fell to $58,000 during the decline and is trading at $59,393 at the time of writing.
According to analysts at another analysis firm, Matrixport, $59,000 is the most critical level in this recent decline. Analysts warn that if this level cannot be held, it could trigger further declines.
*This is not investment advice.
