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?
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.
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.