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Cryptocurrency News Articles
Despite bullish on-chain activity, many market participants remain wary of a potential correction ahead of the recent MATIC to POL transition
Sep 28, 2024 at 06:02 am
Despite bullish fundamentals, exchange inflows and a 57.93% short ratio signal caution ahead.recent upgrade, the Ahmedabad hardfork, is creating excitement
After a recent hardfork, Polygon (MATIC) has undergone a rebranding effort and is now known as POL. This upgrade has sparked excitement within the crypto community, and several key developments have emerged.
According to CryptoQuant, exchange inflows have risen sharply, indicating that investors might be preparing to sell their holdings. This is a crucial factor to watch, as large deposits on exchanges often precede significant sell-offs.
Despite bullish fundamentals, including a 57.93% short ratio, these exchange inflows are raising concerns among market participants. Many are anticipating a potential correction after the recent price surge.
As a result of this upgrade, transaction counts have also soared by 79.78%, with 2,910 transactions recorded within the last day. This marks a significant increase compared to the previous day's count.
This news story is available in both English and French on Canada News Media. Moreover, you can also find other related news articles from various news outlets.
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