Polygon MATIC May Experience a Bullish Wave Soon, Here’s Why
During recent weeks, when the prices of Bitcoin, Ethereum, and other altcoins have struggled to hold their key Support levels, the price of Polygon (MATIC) has been one of the standout performers. The price of Polygon showed strength by holding above the region of $0.77 and is currently inching closer to $1.
The price of MATIC maintained steady as price retained its crucial support region of $0.77, despite the uncertainty that has befallen the crypto sector in recent months. The price of MATIC had a difficult time continuing the surge that had brought it to an all-time high of $3 before hitting reverse. The price of MATIC on the daily chart is still more optimistic, having risen to a high of $0.95 before hitting resistance near the $1 level.
MATIC Holders Return
Recent IntoTheBlock statistics showed that MATIC holders had returned to the market. MATIC HODLer addresses increased by almost 480% from 20,000 addresses in May 2022 to 113.890 addresses as of this writing. A rise in HODLers indicates that participants are bullish in MATIC price action, while traders remain at roughly the same level.
As addresses owning more bitcoin expanded their holdings throughout September, MATIC whale addresses also saw a spike. A favorable and bullish market attitude for the coin was further supported by a decline in MATIC supply on exchanges. It is considered a bullish attribute when traders and investors move their holdings from exchanges to cold wallets for long-term storage.
Aside from the on-chain metrics, Polygon has been advancing in terms of wider adoption and ecosystem-focused improvements. The same drove volumes and MATIC price after Polygon announced its partnership with Nubank. As soon as NuBank made its statement, Polygon topped Ethereum in terms of weekly active addresses (WAA), setting a new record.
1/ @0xPolygon passes Ethereum in weekly active addresses (WAA)! It is the 3rd consecutive all time high. WAA: 2.27mm, +45.7% Tx: 19.7mm, +3%Rev: $464k, +196%Today we explore the cause of this week's spike, its sustainability, broader crypto growth+more. Full analysis — Raphael (@RaphaelSignal) October 22, 2022