Polygon (MATIC) Price Rally and Community Reaction
Polygon (MATIC) price surged past $0.80, and on-chain analysis suggests bullish indicators that could impact the price in the coming days. The Polygon community’s response to the token migration announcement has contributed to MATIC’s positive momentum.
Daily Transaction Count on Polygon Network
Following initial apprehension, the Polygon community embraced the idea of a new POL Token, leading to a significant increase in network transaction count. On Nov. 8, there were 6,490 transactions, the highest since Sept. 28, indicating reduced market FUD.
Futures Traders Bet $100 Million on MATIC
MATIC Futures markets have seen a substantial increase in capital inflows over the past month, with open interest rising from $90 million on Oct. 9 to $190 million on Nov. 9. This influx reflects traders’ confidence in potential price gains.
MATIC Price Prediction: Road to Reclaim $1
Rising network activity and increased capital inflows from derivatives market traders are driving the ongoing Polygon price rally. However, MATIC must scale the initial resistance at $0.92 before reclaiming $1.
Hot Take: The Future of MATIC Price
The bullish indicators suggest that the MATIC price rally is likely to continue. However, bears could reverse this trend if the price falls below $0.80. Holding above this level will be crucial for Polygon’s price stability.
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