CDS Crypto News MATIC Price Projection: A 2 Dollars Target Amidst 125 Million Dollars in Trades?
Crypto News

MATIC Price Projection: A 2 Dollars Target Amidst 125 Million Dollars in Trades?

Polygon (MATIC) demonstrates strong on-chain performance, signaling bullish momentum as it successfully regains the $0.80 level. The surge is accompanied by a notable uptick in daily transactions, adding to the positive outlook for the cryptocurrency.

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MATIC Price Projection A 2 Dollars Target Amidst 125 Million Dollars in Trades

Crypto News- Polygon’s (MATIC) recent surge beyond the $0.90 mark on November 14 has garnered attention, marking a 15% monthly gain and solidifying its position among November’s top 20 crypto gainers. This upward momentum is fueled by key factors, including on-chain and derivatives data, shedding light on the community’s optimistic response to the collaboration with OKX.

The partnership announcement with OKX on November 14 introduced the X1, a zKEVM layer-2 network developed with Polygon CDK. Despite being in the testnet phase, MATIC holders swiftly anticipated potential benefits from enhanced scalability and increased adoption.

MATIC Price Projection: A 2 Dollars Target Amidst 125 Million Dollars in Trades?

MATIC Price Projection A 2 Dollars Target Amidst 125 Million Dollars in Trades
MATIC Price Projection: A 2 Dollars Target Amidst 125 Million Dollars in Trades? 1

OKX’s commitment to becoming a core contributor to Polygon CDK and investing substantial engineering resources for Ethereum scaling solutions added fuel to the fire. Following the announcement, MATIC’s market price surpassed $1 for the first time in nearly four months.

On-chain data reveals that the recent MATIC rally correlates with a spike in network usage. The Cryptoquant chart exposes the Polygon network’s transaction count reaching its highest level since September 28. Notably, daily transactions on November 14 hit 7,819, a 25% increase from the previous month’s peak, indicating growing investor interest.

MATIC Price Projection A 2 Dollars Target Amidst 125 Million Dollars in Trades
MATIC Price Projection: A 2 Dollars Target Amidst 125 Million Dollars in Trades? 2

This uptick, coinciding with the OKX collaboration, suggests organic growth in Polygon network usage. The continuous rise in transactional activity has propelled a 75% price gain over the last 30 days.

A significant player in MATIC’s price surge is the bullish activity in derivatives trading. Coinalyze data indicates a remarkable uptick, with MATIC futures’ open interest surging from $115 million on October 31 to over $240 million halfway through November. This signals that bullish derivatives traders are doubling down on their long positions, amplifying MATIC’s upward trajectory.

Analyzing on-chain dynamics and derivatives market trends, MATIC appears poised for further gains. Rising network activity and increased capital inflows from derivatives traders set the stage for another leg-up. Global In/Out of the Money (GIOM) data aligns with this bullish forecast.

However, challenges lie ahead as bulls must overcome the initial resistance at $1.10 to confidently target $1.50. A potential obstacle is the presence of 34,860 holders who bought 437.11 million MATIC at an average price of $0.99. Exiting early could disrupt the rally, but if this hurdle is cleared, MATIC is likely to reclaim $1.50, supported by 62,490 holders who bought 4.64 billion MATIC at a minimum price of $0.805.

MATIC Price Projection: A 2 Dollars Target Amidst 125 Million Dollars in Trades?
Sources:beincrypto

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