Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?
November 16 2023 - 12:00PM
NEWSBTC
It’s been a relatively quiet period of price action for Polygon
(MATIC) in the past few weeks. On this day last month, MATIC was
trading around its October bottom of $0.5154 before the inflows
into the crypto market. Although the cryptocurrency has
performed reasonably well and has increased by 82% since then, its
rise has mostly been overshadowed by inflows into Bitcoin and
alternative cryptocurrencies such as Solana, which has seen an 188%
increase in the same period. After briefly falling below $0.9 many
times this week due to consolidations, MATIC has now blasted off
minor support at the $0.91 level. On-chain metrics like transaction
count addresses making a profit and open interest on futures
contracts all point to a continued surge for MATIC. Related
Reading: Dogecoin Vs. Shiba Inu: Which Meme Coin Is More Profitable
For Holders? Polygon Network Metrics Explode Data from various
market analytics platforms have shown a spike in transactions on
the polygon network. Cryptoquant puts the total transaction count
at its highest levels since September. At the same time, data from
IntoTheBlock shows that large transaction volume (transactions of
over $100,000) reached $636 million in the past 24 hours, an
increase of more than 387% from yesterday. According to the
analytics website, this is a surge of more than 3,800% compared to
30 days ago. The volume of MATIC futures trading has also increased
in the past week, as shown by the amount of open interest.
According to chart data from Coinalyze, open interest on various
MATIC futures markets has jumped by 120% this month. As shown
by the chart below, the total open interest is now at $260 million
from $118 million on November 1. This dramatic increase shows that
more traders are betting on MATIC’s price rising significantly in
the future. Source: IntoTheBlock MATIC currently has one of the
highest percentages of addresses who bought around the current
price in profit. Data from IntoTheBlock’s “In/Out of the Money
Around Price” metric show that 71.23% of MATIC addresses that
bought between $0.800122 and $1.08 are making a profit at the
moment. In comparison, around 66.99% of Bitcoin addresses who
bought around the current price are making a profit. Source:
IntoTheBlock MATIC Price To Reach $2? Technical analysis of MATIC’s
price chart shows the token could be gearing up for over $1 or
higher in the coming weeks. MATIC has already bounced off a support
level around $0.86 more than four times this week, indicating that
the bulls are not willing to give up momentum yet. Related
Reading: ‘Vitalik Slept On My Couch & Copied My Inventions’
Ethereum Insider Says MATIC is trading at $0.94 at the time of
writing, and the next resistance is around a bearish order block
proving resistant at $9.8. A break over this resistance could see
MATIC reach above $1, and a move above $1 would confirm the uptrend
and open the door for a run toward $2 or higher. According to Dave
The Wave, Polygon is set to enter an uptrend against Bitcoin. The
crypto analyst’s technical analysis points to a 200% increase from
its current value to approximately 0.0000618 BTC, equivalent to
$2.25. MATIC bulls hold $0.9 support | Source: MATICUSDT on
Tradingview.com Featured image from CPO Magazine, chart from
Tradingview.com
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