- Polygon (MATIC) experiences a notable uptick in market price and transaction count, potentially setting the stage for reaching the $2 mark amid $125 million in open futures trades.
- The collaboration with OKX Exchange and increasing network activity are key drivers for MATIC’s price surge, with the potential to overcome resistance levels towards a $1.50 target.
Polygon’s Ascending Market Trajectory
Polygon (MATIC) has recently seen a surge in its market value, reclaiming the $0.90 territory and bringing its monthly gains to 15%. This positive market movement is driven by several factors, notably Polygon’s partnership with OKX Exchange and a significant increase in network transactions.
Boosting MATIC’s Price: Network Activity and Partnerships
The announcement of a collaboration with OKX Exchange, which involved the launch of a New zKEVM layer-2 network built with Polygon CDK, has sparked a positive reaction within the Polygon community. This collaboration, aimed at expanding scalability and adoption, has led to a spike in MATIC’s price, breaking above $1 for the first time in nearly four months.
Significant Growth in Network Transactions
On-chain analysis reveals that the transaction count on the Polygon network has reached its highest level since September 28. On November 14, the network recorded 7,819 transactions, a 25% increase from the previous month’s peak. This steady rise in transaction count indicates growing investor interest and organic growth in network usage, especially following the OKX partnership.
Futures Market: Doubling Down on MATIC
Derivatives traders in the Polygon futures market are showing bullish sentiment, as evidenced by the Coinalyze data. The total capital in MATIC futures markets has nearly doubled in November. The open interest in MATIC futures contracts has skyrocketed from $115 million at the end of October to over $240 million mid-November, indicating that traders are increasingly optimistic about MATIC’s future price movements.
MATIC Price Prediction: Aiming for $1.50
From an on-chain perspective, the rising network activity and surge in capital inflows from derivatives traders are critical indicators of bullish momentum. The Global In/Out of the Money (GIOM) data suggests that MATIC holders could potentially see more gains, with the possibility of the price reclaiming the $1.50 mark. However, to achieve this, MATIC must first overcome the resistance sell-wall at around $0.99.
Navigating Potential Resistance and Support Levels
While the bullish outlook is strong, MATIC’s journey towards $2 is not without challenges. Resistance at $0.99 could potentially hinder progress, but if overcome, the pathway to $1.50 becomes clearer. Conversely, a dip below $0.80 could trigger a support wall, as indicated by holders who bought MATIC at around $0.805.
Polygon’s MATIC is exhibiting promising market dynamics, driven by increased network activity, strategic partnerships, and bullish sentiment in the futures market. As the cryptocurrency navigates resistance and support levels, the potential to reach and even surpass the $2 mark appears increasingly feasible. Investors and traders are closely watching these developments, anticipating further gains in the days ahead.