MATIC’s Total Value Locked (TVL) Is Higher Than SOL’s and AVAX’s

• MATIC’s price remained constant despite major 2022 collaboration announcements.
• The TVL for the Layer-2 network is standing at approximately $1 billion.
• Bullish support is still present after MATIC’s price broke above the 9-day EMA line.

Polygon (MATIC), the Layer-2 crypto, had an interesting 2022 given its list of collaborations with well-known companies like Meta, Reddit, and Starbucks. Despite the significant developments, the price of MATIC remained somewhat dormant.

In a post made by the altcoin’s official Twitter page yesterday, Polygon highlighted the strength and stability of its Total Value Locked (TVL) compared to that of its rival chains. According to the chart shared in the post, its TVL was higher than Avalanche (AVAX) and Solana (SOL), which are two of the project’s closest rivals.

Statistics from DefiLlama also showed that the Polygon network had approximately $1 billion worth of TVL, which is a 0.78% climb over the last 24 hours.

As can be seen from the chart shared on Twitter, the TVL for Polygon has declined from what it was in the first half of 2022.

Although a delayed reaction to Polygon’s collaboration announcements, the price of MATIC has risen 2.46% over the last 24 hours according to CoinMarketCap. At press time, the price of MATIC is also up over the last 7 days – taking its price up to $0.8038.

The price of MATIC has climbed above the 9-day EMA line and is now looking to challenge the 20-day EMA line. The daily RSI indicator suggests that there is some bullish support present that could push the price of MATIC above the 20-day EMA level. Currently, the daily RSI line is positioned above the RSI SMA line and is sloped positively toward the overbought territory.

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