On-chain data shows the Polygon network growth has been rising while the price has consolidated, a divergence that may be bullish for the price.
Polygon Network Growth Has Been Trending Up Recently
As pointed out by an analyst on Twitter, a bearish divergence in the indicator also formed a while ago that ended up taking the price down 40%. The “network growth” is an indicator from the on-chain analytics firm Santiment that measures the total number of new Polygon addresses.
The indicator works by looking at the blockchain data to see which addresses are making their first-ever MATIC transactions. Such addresses are considered “new” and the metric adds them to its value.
When the value of this metric is high, it means a large number of new addresses are becoming active on the network right now. Generally, new addresses are assumed to be coming from new users joining the network, and hence, a high value of this metric can be a sign of rapid adoption of the cryptocurrency.
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