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.
