On November 14, the price of Polygon (MATIC) recovered the $0.90 range, extending its monthly advances to 15%. Analyses of on-chain and derivatives data reveal the crucial positive signs that may influence MATIC’s next significant price movement.
In the top 20 cryptocurrency market gainers charts for November, MATIC has managed to maintain its place as one of the greatest gainers. Here’s how the favourable response from the Polygon community to the latest partnership with OKX might drive up the cost of MATIC even higher.
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Partnership Between Polygon and OKX Exchange May Encourage Additional Gains
The debut of X1, a new zKEVM layer-2 network constructed with Polygon CDK, was announced by OKX on November 14. Despite the project’s current status as a testnet implementation, MATIC holders have acted quickly to capitalise on the potential benefits of greater acceptance and wider scalability.
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Not too long after the declaration. The price of MATIC exceeded $1 for the first time in over four months. On-chain data, however, indicates that the current MATIC price spike may have been caused by the rise in network utilisation, pending more investigation.
The Polygon network transaction count is presently trending at its greatest level since September 28, according to the Cryptoquant data below.
The following figure clearly shows that this month has seen a steady increase in the Daily Transaction Count on the Polygon network. November 14 saw 7,819 transactions on Polygon, which is 25% more than the top of 6,229 transactions previous month.
The total number of verified transactions involving a certain cryptocurrency on a given day is represented by the transaction count statistic. As previously noted, a consistent rise in the number of transactions typically indicates increasing investor interest.
The uptick’s timing also points to this week’s organic spike in Polygon network usage being fueled by the OKX relationship. It should come as no surprise that over the past 30 days, Polygon’s price has increased by 75% due to the ongoing growth in transaction activity.
Futures Traders’ Bets on November Have Doubled
Another important ingredient driving up MATIC pricing is the bullish trading activity by Polygon derivatives traders. As per Coinalyze, an analytics tracker for cryptocurrency trading, the entire capital stock in the MATIC futures markets almost quadrupled in November.
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The entire value of open futures contracts for a certain asset in the context of derivatives trading is known as open interest. Open interest often indicates that many bullish derivatives traders are increasing their long positions when it rises sharply during a rally.
In conclusion, investors’ confidence in the continuous price climb is highlighted by the increased network utilisation and the 109% growth in Open Interest this month. In the upcoming days, holders of MATIC may experience further gains if current trends continue.
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