Despite yesterday’s drop, MATIC’s price was 13% above the price level from last week. MATIC was trading at the $1.39 level based on data from coinmarketcap.com. The altcoin has rallied after the launch of multi implementation scaling solution. Among other factors, this has driven the demand for MATIC’s rally and increased the trade volume across spot exchanges.
MATIC’s market capitalization was now at an $8.7 Billion level, with a less than a 2% drop despite a crash. The concentration by large HODLers was at 90% and climbing in the case of MATIC. An increase in concentration is a bullish sign for the altcoin’s price.
One metric that signals further correction in MATIC’s price is the social volume and social media mentions. With an increase of 37% in the social volume, the metric supports a bearish narrative.
Similarly, OMG, less popular but undervalued launched optimistic roll-ups in May lead to the multi-implementation scaling solution. OMG’s social dominance is low, it has dropped and so has the social volume. OMG is currently in the buy zone, at the price level of $4.73.
The market capitalization has increased, however, the altcoin has resisted the selling pressure. At the $2200 level, ETH is also undervalued. Following the trend in ETH’s price chart, a recovery to the $2800 level is likely. Buying at the current price level has an ROI of 27%. In the case of MATIC, following a dip to the $1 level, an ROI of nearly 30% when the recovery is complete. Considering the recovery from the flash crash of May 19, ROI above 20% can be expected from MATIC and ETH. In the case of OMG, a higher ROI is likely since it is relatively undervalued.
At Ethereum’s current price level, 86% HODLers are profitable at the current price level. 60% of the ETH held in wallets for over 12 months has remained stagnant. This is the first sign of accumulation, the drop in trade volume is the second. Besides, L2 scaling solution MATIC may have derived initial growth from ETH, however, following the crash, it has rallied of its own accord, from the latest partnerships, updates, and developments in the project.