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Can Polygon (MATIC) Price Reach $2 as Investors Open $125 Million Trades?

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Can Polygon (MATIC) Price Reach $2 as Investors Open $125 Million Trades?

To sum things up

  • On-chain examination shows bullish pointers for Polygon (MATIC) as it recovers the $0.80 region, with a huge expansion in everyday exchanges.
  • Following the declaration of Polygon’s symbolic relocation, the organization exchange count has arrived at its most elevated level since Sept. 28.
  • The new expansion in MATIC open revenue by $100 million in the prospects market proposes that financial backers are expecting further cost gains.

Polygon (MATIC) cost recovered the $0.90 domain on Nov. 14, carrying its month to month gains to 15%. On-chain and subsidiaries information investigation recognize the basic bullish markers that could shape MATIC’s next significant cost move.

MATIC has clutched its situation as perhaps of the greatest gainer in November’s main 20 crypto market gainers graphs. This is the way the Polygon people group’s positive response to the new coordinated effort with OKX could additionally drive MATIC’s cost.



Polygon Partnership with OKX Exchange Could Spur Further Gains

On November 14, OKX reported the send off of X1, Another zKEVM layer-2 organization worked with Polygon CDK. Albeit the undertaking is still just in testnet, MATIC holders gotten a move on front-run the potential additions from extended versatility and expanded reception.

An OKX proclamation noted:

“As part of the collaboration between OKX and Polygon Labs, OKX will become a core contributor to Polygon CDK, and will invest substantial engineering resources to enhance the technology stack for Ethereum scaling solutions.”

Soon after the declaration. MATIC market cost broke above $1 without precedent for almost four months. Nonetheless, following further examination, on-chain information shows that the new MATIC cost rally could be ascribed to the expansion in network use.

Demonstratively, the Cryptoquant diagram beneath uncovers that the Polygon network exchange count is presently moving at its most elevated level since September 28.


The chart below vividly illustrates that the Daily Transaction Count on the Polygon network has been steadily increasing this month. On November 14, Polygon recorded 7,819 transactions, 25% higher than last month’s peak of 6,229.


The exchange count metric addresses the complete number of affirmed exchanges including a specific cryptographic money on a given day. Regularly, a consistent expansion in exchange count, as seen above, suggests developing financial backer interest.

The planning of the increase additionally recommends that the OKX organization prodded natural development in Polygon network use this week. Obviously, the persistent expansion in Polygon value-based action has set off a 75% cost gain throughout the course of recent days.







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Futures Traders Have Doubled Their November Bets

Bullish trading activity among Polygon derivatives traders is another pivotal factor driving up MATIC prices. According to the crypto-trading analytics tracker Coinalyze, the total capital stock in the MATIC futures markets nearly doubled in November.

The outline underneath represents that MATIC’s open interest hit a low of $115 million on October 31. However, mid-way through November, that figure has soar above $240 million. This features that the absolute benefit of exceptional MATIC prospects contracts has expanded by more than $125 million inside the initial 15 days of November.

With regards to subordinates exchanging, open interest addresses the complete worth of dynamic prospects contracts for a specific resource. Ordinarily, when open interest increments essentially higher during a convention, it recommends that numerous bullish derivates dealers are multiplying down on their long positions.

In rundown, the rising organization utilization and the 109% increment in Open Revenue this month accentuate financial backers’ trust in the continuous cost upturn. On the off chance that these patterns continue, MATIC holders might actually see more acquires before long.



MATIC Price Prediction: Road to Reclaim $1.50?

From an on-chain stance, the rising organization movement and expanding capital inflows from subordinates market brokers are imperative bullish pointers. With the two measurements actually moving vertically, it sets MATIC’s cost in an excellent situation to make another advantage.

The Worldwide In/Out of the Cash (GIOM) information, which bunches the ongoing MATIC holders as per their entrance costs, likewise affirms this bullish gauge.

In any case, it shows that the bulls should initially scale the underlying obstruction at $0.10 for the bulls to be sure of recovering $1.50. As displayed underneath, 34,860 holders had purchased 437.11 million MATIC at a typical cost of $0.99. Assuming those holders exit early, they could crash the MATIC cost rally.

In any case, on the off chance that the bulls can scale that obstruction sell-wall, MATIC cost will probably recover $1.50 as anticipated.

Still, the bears could negate the bullish prediction if the MATIC price dips below $0.80. But, in that case, the 62,490 MATIC holders that bought 4.64 billion MATIC at the minimum price of $0.805 could mount a support wall. If those investors can HODL firmly, Polygon will likely avoid a significant price reversal.

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