On-Chain Growth Diverges From Token Price
Polygon is seeing a notable rise in network activity even as its token remains under heavy pressure. On Saturday, POL traded at $0.092, down nearly 90% from its all-time high and still hovering close to record lows. While the token price continues to reflect weak market sentiment, Polygon’s on-chain metrics are moving in the opposite direction.
Over the past month, the network recorded more than 8.1 million active addresses and 281 million transactions. Those figures represent month-over-month increases of 28% and 25%, respectively. The data suggests that real usage on Polygon has continued to expand despite the broader crypto winter and the sharp decline in POL’s market value.
DEX and Stablecoin Volumes Climb
Activity growth is also visible across trading and payments-related metrics. Polygon’s decentralized exchange volume reached $8.6 billion in March, up 27.8% from the previous month. At the same time, stablecoin transactions on the network totaled $37 billion over the last 30 days, pointing to stronger usage across transfers, trading, and other on-chain financial activity.
These indicators matter because DEX turnover and stablecoin flows often provide a clearer picture of network utility than token price alone. In Polygon’s case, the rise in both suggests the ecosystem is being supported by ongoing user demand rather than purely speculative momentum.
Strong Fundamentals, but Near-Term Pressure Remains
The source analysis argues that Polygon’s fundamentals remain relatively solid, supported by partnerships with major fintech firms and a deflationary token model. Those factors continue to underpin the long-term case for the network, even during a weak market environment.
Still, stronger fundamentals do not automatically translate into immediate price recovery. Technical analysis cited in the report indicates that POL could remain under downward pressure in the near term. For now, Polygon appears to be in a “strong network, weak token” phase, where adoption and transaction activity are improving but market pricing has yet to catch up. That gap is likely to remain a key point for investors and analysts watching the project.