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It’s been a comparatively quiet interval of price action for Polygon (MATIC) up to now few weeks. On this present day final month, MATIC was buying and selling round its October backside of $0.5154 earlier than the inflows into the crypto market. 

Although the cryptocurrency has carried out fairly effectively and has elevated by 82% since then, its rise has largely been overshadowed by inflows into Bitcoin and different cryptocurrencies corresponding to Solana, which has seen an 188% improve in the identical interval.

After briefly falling beneath $0.9 many occasions this week attributable to consolidations, MATIC has now blasted off minor assist on the $0.91 degree. On-chain metrics like transaction depend addresses making a revenue and open curiosity on futures contracts all level to a continued surge for MATIC. 

Polygon Network Metrics Explode

Data from varied market analytics platforms have proven a spike in transactions on the polygon network. Cryptoquant places the full transaction depend at its highest ranges since September. At the identical time, information from IntoTheBlock reveals that giant transaction quantity (transactions of over $100,000) reached $636 million up to now 24 hours, a rise of greater than 387% from yesterday. According to the analytics website, it is a surge of greater than 3,800% in comparison with 30 days in the past.

The quantity of MATIC futures buying and selling has additionally elevated up to now week, as proven by the quantity of open curiosity. According to chart information from Coinalyze, open curiosity on varied MATIC futures markets has jumped by 120% this month. 

As proven by the chart beneath, the full open curiosity is now at $260 million from $118 million on November 1. This dramatic improve reveals that extra merchants are betting on MATIC’s value rising considerably sooner or later.

Source: IntoTheBlock

MATIC presently has one of many highest percentages of addresses who purchased across the present value in revenue. Data from IntoTheBlock’s “In/Out of the Money Around Price” metric present that 71.23% of MATIC addresses that purchased between $0.800122 and $1.08 are making a revenue in the mean time. In comparability, round 66.99% of Bitcoin addresses who purchased across the present value are making a revenue.

Source: IntoTheBlock

MATIC Price To Reach $2?

Technical evaluation of MATIC’s price chart reveals the token could possibly be gearing up for over $1 or increased within the coming weeks. MATIC has already bounced off a assist degree round $0.86 greater than 4 occasions this week, indicating that the bulls aren’t keen to surrender momentum but. 

MATIC is buying and selling at $0.94 on the time of writing, and the subsequent resistance is round a bearish order block proving resistant at $9.8. A break over this resistance may see MATIC attain above $1, and a transfer above $1 would affirm the uptrend and open the door for a run towards $2 or increased.

According to Dave The Wave, Polygon is set to enter an uptrend in opposition to Bitcoin. The crypto analyst’s technical evaluation factors to a 200% improve from its present worth to roughly 0.0000618 BTC, equal to $2.25.

MATIC bulls maintain $0.9 assist | Source: MATICUSDT on Tradingview.com

Featured picture from CPO Magazine, chart from Tradingview.com