Polygon (MATIC) Price Surges to $0.90
The price of Polygon (MATIC) surged to $0.90 on Nov. 14, marking a 15% increase for the month. Data analytics suggest that bullish indicators could influence MATIC’s next major price move, making it one of the top gainers in November.
Polygon Partnership with OKX Exchange Could Spur Further Gains
OKX announced the launch of X1, a New zKEVM layer-2 network built with Polygon CDK on Nov. 14. This collaboration has led to increased scalability and adoption, resulting in a significant price rally for MATIC.
The partnership between OKX and Polygon Labs has driven organic growth in Polygon network usage, as evidenced by the increase in transactional activity and a 75% price gain over the last 30 days.
Futures Traders Have Doubled Their November Bets
Bullish trading activity among Polygon derivatives traders has also contributed to the surge in MATIC prices. The total capital stock in the MATIC futures markets nearly doubled in November, indicating growing investor confidence and interest.
The rising network usage and the 109% increase in open interest emphasize investors’ confidence in the ongoing price uptrend, potentially leading to more gains in the coming days.
MATIC Price Prediction: Road to Reclaim $1.50?
Rising network activity and increasing capital inflows from derivatives market traders are vital bullish indicators for MATIC’s future price movement. The Global In/Out of the Money (GIOM) data also supports this bullish forecast but highlights resistance at $0.10 that must be overcome for MATIC to reclaim $1.50.
If the bulls can scale that resistance sell-wall, MATIC price will likely reclaim $1.50 as predicted, while potential support from investors who bought at a minimum price of $0.805 could prevent a significant price reversal if bears take control.
Hot Take: Potential for Continued Growth
The recent partnership with OKX and increasing network usage have propelled MATIC’s price rally, while rising open interest in futures markets indicates growing investor confidence. If these trends persist, MATIC holders could potentially see more gains in the coming days, with the possibility of reclaiming $1.50 if key resistance levels are surpassed.
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