{"id":560968,"date":"2023-11-16T17:00:51","date_gmt":"2023-11-16T17:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=560968"},"modified":"2024-06-11T14:31:13","modified_gmt":"2024-06-11T14:31:13","slug":"polygon-matic-price-reach-2","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/polygon-matic-price-reach-2\/","title":{"rendered":"Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?"},"content":{"rendered":"

It’s been a relatively quiet period of <\/span>price action for Polygon (MATIC)<\/span><\/a> in the past few weeks. On this day last month, MATIC was trading around its October bottom of $0.5154 before the inflows into the crypto market.\u00a0<\/span><\/p>\n

Although the cryptocurrency has performed reasonably well and has increased by 82% since then, its rise has mostly been overshadowed by inflows into Bitcoin and alternative cryptocurrencies such as Solana, which has seen an 188% increase in the same period.<\/span><\/p>\n

After briefly falling below $0.9 many times this week due to consolidations, MATIC has now blasted off minor support at the $0.91 level. On-chain metrics like transaction count addresses making a profit and open interest on futures contracts all point to a continued surge for MATIC.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Vs. Shiba Inu: Which Meme Coin Is More Profitable For Holders?<\/a><\/div>\n

Polygon Network Metrics Explode<\/h2>\n

Data from various market analytics platforms have shown a <\/span>spike in transactions on the polygon network<\/span><\/a>. <\/span>Cryptoquant<\/span><\/a> puts the total transaction count at its highest levels since September. At the same time, data from IntoTheBlock shows that large transaction volume (transactions of over $100,000) reached $636 million in the past 24 hours, an increase of more than 387% from yesterday. According to <\/span>the analytics website<\/span><\/a>, this is a surge of more than 3,800% compared to 30 days ago.<\/span><\/p>\n

The volume of MATIC futures trading has also increased in the past week, as shown by the amount of open interest. According to chart data from Coinalyze, open interest on various MATIC futures markets has jumped by 120% this month.\u00a0<\/span><\/p>\n

As shown by the chart below, the total open interest is now at $260 million from $118 million on November 1. This dramatic increase shows that more traders are betting on MATIC\u2019s price rising significantly in the future.<\/span><\/p>\n

\"Polygon<\/p>\n

Source: IntoTheBlock<\/pre>\n
MATIC currently has one of the highest percentages of addresses who bought around the current price in profit. Data from IntoTheBlock’s “In\/Out of the Money Around Price” metric show that 71.23% of <\/span>MATIC addresses<\/span><\/a> that bought between $0.800122 and $1.08 are making a profit at the moment. In comparison, around 66.99% of Bitcoin addresses who bought around the current price are making a profit.<\/span><\/p>\n
\"MATIC<\/p>\n
Source: IntoTheBlock<\/pre>\n
MATIC Price To Reach $2?<\/h2>\n
Technical analysis of <\/span>MATIC\u2019s price chart<\/span><\/a> shows the token could be gearing up for over $1 or higher in the coming weeks. MATIC has already bounced off a support level around $0.86 more than four times this week, indicating that the bulls are not willing to give up momentum yet.\u00a0<\/span><\/p>\n
Related Reading: \u2018Vitalik Slept On My Couch & Copied My Inventions\u2019 Ethereum Insider Says<\/a><\/div>\n
MATIC is trading at $0.94 at the time of writing, and the next resistance is around a bearish order block proving resistant at $9.8. A break over this resistance could see MATIC reach above $1, and a move above $1 would confirm the uptrend and open the door for a run toward $2 or higher.<\/span><\/p>\n
According to Dave The Wave, <\/span>Polygon is set to enter an uptrend<\/span><\/a> against Bitcoin. The crypto analyst’s technical analysis points to a 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.<\/span><\/p>\n
\"MATIC<\/p>\n
MATIC bulls hold $0.9 support | Source: MATICUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from CPO Magazine, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
It’s been a relatively quiet period of price action for Polygon (MATIC) in the past few weeks. On this day last month, MATIC was trading around its October bottom of $0.5154 before the inflows into the crypto market.\u00a0 Although the cryptocurrency has performed reasonably well and has increased by 82% since then, its rise has mostly been overshadowed by inflows into Bitcoin and alternative cryptocurrencies such as Solana, which has seen an 188% increase in the same period. After briefly falling below $0.9 many times this week due to consolidations, MATIC has now blasted off minor support at the $0.91 level. On-chain metrics like transaction count addresses making a profit and open interest on futures contracts all point to a continued surge for MATIC.\u00a0 Related Reading: Dogecoin Vs. Shiba Inu: Which Meme Coin Is More Profitable For Holders? Polygon Network Metrics Explode Data from various market analytics platforms have shown a spike in transactions on the polygon network. Cryptoquant puts the total transaction count at its highest levels since September. At the same time, data from IntoTheBlock shows that large transaction volume (transactions of over $100,000) reached $636 million in the past 24 hours, an increase of more than 387% from yesterday. According to the analytics website, this is a surge of more than 3,800% compared to 30 days ago. The volume of MATIC futures trading has also increased in the past week, as shown by the amount of open interest. According to chart data from Coinalyze, open interest on various MATIC futures markets has jumped by 120% this month.\u00a0 As shown by the chart below, the total open interest is now at $260 million from $118 million on November 1. This dramatic increase shows that more traders are betting on MATIC\u2019s price rising significantly in the future. Source: IntoTheBlock MATIC currently has one of the highest percentages of addresses who bought around the current price in profit. Data from IntoTheBlock’s “In\/Out of the Money Around Price” metric show that 71.23% of MATIC addresses that bought between $0.800122 and $1.08 are making a profit at the moment. In comparison, around 66.99% of Bitcoin addresses who bought around the current price are making a profit. Source: IntoTheBlock MATIC Price To Reach $2? Technical analysis of MATIC\u2019s price chart shows the token could be gearing up for over $1 or higher in the coming weeks. MATIC has already bounced off a support level around $0.86 more than four times this week, indicating that the bulls are not willing to give up momentum yet.\u00a0 Related Reading: \u2018Vitalik Slept On My Couch & Copied My Inventions\u2019 Ethereum Insider Says MATIC is trading at $0.94 at the time of writing, and the next resistance is around a bearish order block proving resistant at $9.8. A break over this resistance could see MATIC reach above $1, and a move above $1 would confirm the uptrend and open the door for a run toward $2 or higher. According to Dave The Wave, Polygon is set to enter an uptrend against Bitcoin. The crypto analyst’s technical analysis points to a 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25. MATIC bulls hold $0.9 support | Source: MATICUSDT on Tradingview.com Featured image from CPO Magazine, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":560971,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[40670,89524,86442,76656,79614,83584,90094,90093,89525,86440],"class_list":["post-560968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-matic","tag-matic-news","tag-matic-price","tag-maticusd","tag-maticusdt","tag-polygon","tag-polygon-metrics","tag-polygon-network","tag-polygon-news","tag-polygon-price"],"acf":[],"yoast_head":"\nPolygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?<\/title>\n<meta name=\"description\" content=\"It's been a relatively quiet period of price action for Polygon (MATIC) in 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?","url":"http:\/\/wncen.com\/news\/polygon-matic-price-reach-2\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/polygon-matic-price-reach-2\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Polygon-MATIC-price.jpeg?resize=200%2C170","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Polygon-MATIC-price.jpeg?fit=297%2C170"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic news","matic price","maticusd","maticusdt","polygon","polygon metrics","polygon network","polygon news","polygon price"],"dateCreated":"2023-11-16T17:00:51Z","datePublished":"2023-11-16T17:00:51Z","dateModified":"2024-06-11T14:31:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon Network Metrics Explode: Is It Time For MATIC Price To Reach $2?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-matic-price-reach-2\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/polygon-matic-price-reach-2\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Polygon-MATIC-price.jpeg?resize=200%2C170\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Polygon-MATIC-price.jpeg?fit=297%2C170\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic news\",\"matic price\",\"maticusd\",\"maticusdt\",\"polygon\",\"polygon metrics\",\"polygon network\",\"polygon news\",\"polygon price\"],\"dateCreated\":\"2023-11-16T17:00:51Z\",\"datePublished\":\"2023-11-16T17:00:51Z\",\"dateModified\":\"2024-06-11T14:31:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Polygon-MATIC-price.jpeg?fit=297%2C170","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=560968"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/560971"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=560968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=560968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=560968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}