Assessing the chances of MATIC making a new ATH in the near-future
MATIC is one of the few altcoins that is yet to break its May all-time high and looks like it is heading in just that direction. Investors are equally eager to make it happen as the last couple of days’ rally is luring in new investors.
MATIC magic rising
MATIC has joined the list of the few altcoins that are treading in the opposite direction of the broader market cues and have been marking a rise for the last couple of days.
Up by 21.07%, the altcoin is only 3% shy of invalidating the losses its investors incurred this month. However, the good thing is that most of the MATIC investors already have been in profits.
For a good part of almost two months, more than 75% of all investors have been in profits with a slight drawdown around mid-November followed by a quick recovery.
Plus given the prices are less than 10% away from the all-time high of $2.44, the 13.38k addresses who bought around 20% of the ATH prices will also reap profits soon.
But the question is…
When will MATIC actually break the ATH?
Looking at on-chain indicators it might not be too long as investors primarily are pretty bullish right now. Average transaction volumes have shot up from $100 million to $312 million in the span of a month. Secondly, investors’ participation has suddenly exploded and their average numbers have gone from 3.2k to 6.3k.
Although there were a few investors who backed out around 12-13 December when MATIC fell by over 14%. The investors who exited also included some long-term holders who sold their MATIC and in the process 60.8 billion days were consumed.
But as many investors as the network lost it may gain more soon since MATIC is pretty lucrative as an asset. For the last five months, most of the time the network has been realizing profits. Additionally, MATIC holders have resorted HODLing which is always a supportive sign for a recovery/rally.
Thus, if new investors join, the network would see more inflows and if the present rise remains consistent, hopefully within the next week one might see a new all-time high.