Polygon saw a drop in network fees and revenue in recent weeks, even though the daily active addresses had increased by a small margin. The report highlighted a downturn in the weighted sentiment also.

MATIC has formed a series of lower highs since mid-March when it formed a double top at the $1.25 level before sliding beneath the $1.15 mark. During this descent, MATIC fell beneath the $1.07 higher low and flipped the structure to bearish.

Since then, the bulls have not been able to push the price above $1.15 convincingly.