Editors
Posted:
- Polygon’s latest announcement involved making Google Cloud part of the decentralized validator set for the network.
- MATIC responded positively to the news, but a healthy recovery was still a distant dream.
The last 30 days haven’t been the easiest on Polygon [MATIC], especially given the altcoin’s price action. However, that could soon change as MATIC has shown some movement in the green over the past seven days.
Dates of CoinMarketCap showed the altcoin exchanging hands at $0.522 at the time of writing. This was 0.34% higher in the last 24 hours and 0.39% higher in the last seven days.
Read Polygon [MATIC] Price forecast 2023-24
While this news was enough to make investors a little hopeful about what’s to come, PolygonLabs made another critical announcement. According to Polygon’s latest announcement, Google Cloud has become part of the decentralized validator set for the Polygon PoS.
This month, @GoogleCloud became part of the decentralized validator set for Polygon PoS.
The same infrastructure used for power supply @YouTube And @gmail now helps secure the fast, low-cost Ethereum-for-all Polygon protocol.
With more than 100 validators securing the Polygon PoS…
— Polygon (Labs) (@0xPolygonLabs) September 29, 2023
Moreover, the announcement also stated that anyone can do that monitor performance checkpoint signatures for all Polygon PoS validators.
How did MATIC respond to this?
At the time of writing, MATIC was exchanging hands 0.84% higher than the opening price of the day. This was an indication that MATIC responded positively to the news. Additionally, the Relative Strength Index (RSI) showed some improvement as it climbed slightly higher to stand at 46.33 at the time of writing.
A rise in the RSI was a clear indication of increased buying pressure in the market. Furthermore, the Moving Average Convergence Divergence (MACD) reflected sentiment as the MACD line (blue) moved above the signal line (red). An indication that momentum was in the bulls’ favor.
Source: TradingView
Despite the aforementioned indicators in favor of the altcoin, MATIC’s Money Flow Index (MFI) steered in the opposite direction.
Furthermore, a look at Santiment’s data wasn’t exactly bullish. This was because, although there was some development in the social dominance measure, weighted sentiment found it difficult to recover. While at the time of writing an improving social dominance was seen at 0.575%, the weighted sentiment was -0.431.
Source: Santiment
Moreover, Polygon’s latest announcement also failed to get MATIC holders to hold the altcoin for the long term. This became clear by looking at MATIC’s long/short ratio. Despite the nature of the news, MATIC’s long/short ratio was 0.9689.
Is your portfolio green? View the MATIC Profit Calculator
This showed that the number of short positions was greater than the number of long positions.
Source: mint glass
While MATIC’s long/short ratio could see a change of heart in the coming hours, the threat of holders shorting the alt to exit their positions at a fair profit remained.