Layer-2 scaling solution Polygon ($MATIC) performed exceedingly well during the week of July 11, 2022, despite the prevalence of the crypto bear market.
MATIC’s price rallied approximately 67% from July 11, 2022 through July 18, 2022 - quite an impressive weekly gain.
Source: CoinMarketCap
Such significant price jumps don’t come out of nowhere, especially when the overall crypto market isn’t riding the same wave higher. There are often forces moving below the surface waiting to emerge when just the right conditions are met.
Employing sentiment analysis can often give traders a glimpse of these hidden market forces.
The Crowdsense Edge
For example, Crowdsense traders that had included Polygon in their watchlists received multiple notifications that something was brewing in the days leading up to MATIC’s move higher.
As seen below, Crowdsense traders were notified about Polygon sentiment spikes three separate times before the rally commenced.
Notably, these sentiment alerts were also sent just days before major Polygon-specific bullish news was announced.
1 - On 11/07/2022 at 7:17pm (GMT+3), Crowdsense raised the event that Polygon's social media weighted sentiment had turned positive, reaching a score of 7.3 out of 10. At the time, MATIC was trading at approximately $0.5745.
2 - On 12/07/2022 at 12:30am (GMT+3), Crowdsense raised the event that Polygon's social media weighted sentiment had reached an even higher positive score of 7.5 out of 10. At the time, MATIC was trading at approximately $0.5822.
3 - On 12/07/2022 at 1:36am (GMT+3), Crowdsense raised the event that Polygon's social media weighted sentiment had climbed even further to reach a score of 8 out of 10. At the time, MATIC was trading at approximately $0.5698.
4 - Soon after these sentiment alerts, on 13/07/2022 at 8:07pm (GMT+3), Crowdsense raised the event that Disney had selected Polygon to participate in its Accelerator Program - the bullish news event that eventually made the market take notice. At the time, MATIC was trading at approximately $0.565.
Over the next five days, as highlighted in the graph below, MATIC steadily rallied higher, eventually peaking on July 18th, 2022 at the price of $0.9744 before consolidating its gains.
Any Crowdsense trader who had bought MATIC at the time of these four raised events would have had potential gains of 69.6%, 67.4%, 71%, and 72.5%. All in less than a week.
Trading is definitely more challenging in a bear market, but opportunities always exist for those who know where to look and who use the right tools - such as sentiment.
Leveraging Crowdsense intelligence could be the difference between beating the markets and entering when it's too late to be profitable. If you want to start tracking and receiving the most relevant insights about your favorite coins and stop missing opportunities, we have some exciting news for you!
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Nothing contained in this post should be construed as investment advice. All investment strategies and investments involve risk of loss. Any reference to past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.