Polygon (MATIC) Leads Altcoins in Recovery from SEC Attack

Polygon’s success comes on the back of a string of positive news for the network.

A biker speeds on a street in a ruined, destroyed landscape, leaving runners behind.
Created by Gabor Kovacs from DailyCoin
  • The SEC’s crackdown on Binance and Coinbase put a dark cloud over the altcoin market.
  • Led by Polygon (MATIC), altcoins now appear to be chasing away the red.
  • Polygon’s success comes on the back of a string of positive news for the network.

In June 2023, the United States Securities and Exchange Commission labeled several popular altcoins, including Polygon (MATIC), Cardano (ADA), and Solana (SOL) as unregistered securities in lawsuits against Binance and Coinbase.

The securities label led to a market rout for the altcoin market. Combined with delistings from eToro and Robinhood, ADA and SOL lost 27% and 30%, respectively, in just over a week.

Comparatively, MATIC suffered the most substantial decline, losing 40% of its value within the same period. Nevertheless, the altcoin sector has refused to buckle, defying expectations; these assets appear to be staging a remarkable comeback led by Polygon’s MATIC.

Polygon (MATIC) Experiences Over 9% Rally, Leading Market Gains

MATIC is trading at $0.7391 at the time of writing,  representing a 9.44% gain in the past 24 hours. The huge swing makes Polygon’s native token the highest gainer among the top 20 crypto assets by market capitalization, according to data from CoinMarketCap.

MATIC 4-hour candle price chart.
MATIC 4-hour candle price chart. Source: TradingView

With the recent rally, the asset is notably up 22.6% in the last 30 days, more than halfway to reclaiming price levels before the SEC’s securities label.

The rally follows a string of positive developments around the network, as highlighted by Santiment Feed.

Polygon Network Enjoys Growth

In a tweet on Monday, July 10, Santiment Feed highlighted that the altcoin had been showing strong on-chain signals behind this rally, citing greater utility and network growth.

The recent show of strength follows a reorganization at Polygon Labs, creating a chief executive officer role filled by former Chief Legal Officer Marc Boiron

The network is notably gearing up for the launch of Polygon 2.0, which promises to connect the Polygon ecosystem, unifying liquidity and offering unlimited scalability. Polygon Labs unveiled the architecture for the upgrade at the end of June.

On the Flipside

  • MATIC is still trading approximately 17% below its June highs.
  • It is currently unclear whether this rally can be sustained.

Why This Matters

The altcoin rally led by MATIC underscores the resilience of the crypto markets despite growing regulatory concerns in the United States

Read this to learn about Polygon’s struggle to recover from the SEC’s crypto crackdown:

Cardano & Polygon Prices Still Left Reeling from SEC Crackdown

Learn more about how the SEC case against Binance is affecting Binance.US’ Business:

SEC Case Continues to Weigh on Binance.US as BTC, USDT Trade at Discount

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.