Quiet Price Action for Polygon (MATIC)
If you’ve been following Polygon (MATIC) lately, you might have noticed that it’s been relatively quiet in terms of price action. A month ago, MATIC was trading around its October low of $0.5154 before the recent surge in the crypto market. While it has increased by 82% since then, its rise has been overshadowed by inflows into Bitcoin and other altcoins like Solana, which saw an 188% increase during the same period.
Polygon Network Metrics Explode
Recent data from various market analytics platforms have shown a spike in transactions on the Polygon network. Cryptoquant indicates that total transaction count is at its highest levels since September, while IntoTheBlock reports a significant increase in large transaction volume over the past 24 hours.
Furthermore, MATIC futures trading has seen a notable increase in open interest, jumping by 120% this month. This dramatic increase suggests that more traders are betting on MATIC’s price rising significantly in the future.
MATIC Price To Reach $2?
Technical analysis of MATIC’s price chart suggests that the token could be gearing up for a move above $1 in the coming weeks. With MATIC currently trading at $0.94, breaking above the resistance at $0.98 could pave the way for a run towards $2 or higher.
According to Dave The Wave, Polygon is set to enter an uptrend against Bitcoin, with technical analysis pointing to a potential 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.
Hot Take: Bullish Momentum for MATIC
MATIC’s recent surge has been impressive, and all signs point to continued momentum. With exploding network metrics and potential for significant price gains, it wouldn’t be surprising to see MATIC reach new highs in the near future.
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