These factors are driving growth for MATIC

MATIC has been making huge gains for the last 7 days. In addition to this, the alt is on the verge of crossing $2 sometime soon. Its ecosystem updates provided boost to its price and after its recent update, some movement was observed in its on-chain data. So is MATIC really ready to climb up the charts?

Polygon — Home to NFT
Polygon has been one of the most profitable networks in the DeFi and NFT space. The most recent update was from Zee Studios which launched its first-ever NFT store on Polygon. This effort will be facilitated by “NFTically,” a SaaS platform.

MATIC rallies by 33% in 7 days | Source: TradingView — AMBCrypto

In less than a week, MATIC rose by 33.1%, with the candles resting on $1.72 at press time. In a single day, the altcoin went up by 19.31% yesterday. At the same time, investors banked on this rise as well, as volumes for the day hit a 2.5 month high of $1.21 billion.

MATIC spot market’s volume | Source: Coinalyze — AMBCrypto

However, the spot market isn’t the only area MATIC soared in.

MATIC in the Future
The derivatives market observed strong performance from the altcoin as volumes touched a monthly high of $2.13 billion. At this price range and given the general bullishness in the market, it comes as no surprise that the funding rate was higher than it was back in June when Matic was at the same price.

MATIC Funding rate | Source: Coinalyze — AMBCrypto

After the abovementioned NFT news, shorts Liquidations hit a monthly high of $2.06 million. Moreover, thanks to volatility falling to a 2-month low, it looked like MATIC will see some stable price movement going forward.

MATIC short liquidations (green) | Source: Coinalyze — AMBCrypto

As long as MATIC continues to do well on all fronts, more investors will be drawn to it.

forex and cryptocurrency expert trader; telegram- https://t.me/jamilapatersonofficial

Recommended from Medium

BTT Available to Trade on P2P ONLY on Cryptolocally

The LONGterm(s)

Is DeFi Too Strong of a Word?

Blockchain, DeFi, Crypto, Cryptocurrency, Bitcoin, IEO, Startup, Business, Finance, Stocks, Markets, Products

How to combine 1/1s with PFPs? The concept we’re aspiring for in NFWorks.

Metaple Finance — Staking

Toshify Finance AMA Recap Crypto Revolution Telegram group

What is IBCO and how it can kickstart crypto projects like never before?

Releasing the completed version of Green Paper

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
jamilapatersonofficial

jamilapatersonofficial

forex and cryptocurrency expert trader; telegram- https://t.me/jamilapatersonofficial

More from Medium

XRP crashed right through the $0.7-level; here’s where buyers can step in

Why You Should Consider Investing in the Cardano Ecosystem Now

The Hidden Gem That’s the Best Kept Secret of Crypto Twitter

Is This the Dark Underbelly of Cryptocurrencies?