MATIC has made huge profits in the past 7 days. In addition, the Alt is on the verge of exceeding $ 2 soon. Its ecosystem updates have increased its price and after its most recent update Some movement was observed in its on-chain data. So is MATIC really ready to climb the charts?

Polygon – home of NFT

Polygon is one of the most profitable networks in the DeFi and NFT area. The latest To update was from Zee Studios, who opened their very first NFT store on Polygon. These efforts are facilitated by “NFTically”, a SaaS platform.

MATIC increases by 33% in 7 days | Source: TradingView – AMBCrypto

In less than a week, MATIC was up 33.1%, with candles resting at $ 1.72 at press time. In a single day, the altcoin was up 19.31% yesterday. At the same time, investors were betting on this increase as the daily volume hit a 2.5-month high of $ 1.21 billion.

Volume of the MATIC spot market | Source: Coinalyze – AMBCrypto

However, the spot market is not the only area in which MATIC has risen.

MATIC in the future

The derivatives market saw the altcoin perform strongly as the volume hit a monthly high of $ 2.13 billion. Given this price range, and given the general uptick in the market, it is not surprising that the funding rate was higher than it was in June when Matic was the same price.

MATIC funding rate | Source: Coinalyze – AMBCrypto

According to the above-mentioned NFT news, short liquidations hit a monthly high of $ 2.06 million. Aside from that, Thanks to the volatility that has fallen to a 2 month low, it looked like MATIC would see stable price movement going forward.

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

As long as MATIC does well on all fronts, it will attract further investors.

LEAVE A REPLY

Please enter your comment!
Please enter your name here