The New Development Has Buoyed Crypto Whales’ Confidence in MATIC
MATIC whale investors have been more active in trading since Google Cloud joined as a node validator on the Polygon network. On October 1, there were 68 large transactions recorded on the Polygon network, the highest level since September 7. This increase in whale activity is seen as a bullish signal because it boosts market liquidity and often leads to price spikes.
Speculative Traders are Also Piling on Bullish Bets
The news of Google Cloud becoming a node validator has also boosted confidence in the MATIC spot markets. Derivatives market data shows that speculative traders have been adding bullish bets. The aggregate open interest for MATIC reached a 30-day peak of $116 million on October 1, indicating an influx of fresh capital inflows and new market participants.
MATIC Price Prediction: Potential Breakout Toward $0.80
Based on the analyzed data, there is a potential for a breakout in MATIC price above the $0.80 range. The Global In/Out of Money Around Price (GIOM) data supports this prediction, showing that if MATIC can surpass the initial resistance at $0.70, the price could rally towards $0.80. However, if the price drops below $0.70, bears may regain control and push it below $0.50.
Hot Take: Strong Momentum for MATIC Price Growth
The partnership between Polygon and Google Cloud has generated positive momentum for MATIC price growth. The increased activity from whale investors and bullish bets from speculative traders indicate growing confidence in the Polygon ecosystem. If this trend continues, we could see MATIC break out above $0.80 and potentially reach higher levels in the coming weeks.
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