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These factors are driving growth for MATIC

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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.

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Aaryamann is a full-time journalist at AMBCrypto. He is a recent journalism graduate, currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.