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Why Polygon MATIC Price Could Boost

Author

John Asher

Tags

Reading time

2 mins
Last update

Author

John Asher

Tags

Reading time

2 mins
Last update

Author

John Asher

Tags

Reading time

2 mins
Last update

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MATIC seems to be keeping pace with the altcoin market rally, where a stable uptrend could maintain as the bulls could be eyeing another breakout alongside Polygon’s rising adoption. MATIC is currently ranked 11th in terms of market capitalization in the global cryptocurrency market, trading at $0.91 and the price may surge if it breaks above the resistance level of $1. 

Massive Rise In Polygon MATIC Holders

The number of MATIC holders has grown significantly in recent months. IntoTheBlock statistics showed that over 113,000 held MATICs, a 480% increase from around 20,000 addresses in May 2022. MATIC whale addresses also noted a surge in the number of addresses holding a higher number of coins throughout September indicating participants’ confidence in MATIC price action.

MATIC supply on exchanges dropped sharply, creating bullish market sentiment for the coin. When the balance on exchanges falls, it is viewed as a sign of bullishness, as traders and investors move their holdings from exchanges to cold wallets for long-term storage.

MATIC’s Esteemed Ecosystem

Polygon has entered into partnerships with major companies that have led to its recent price rally and active address growth. On October 19, Polygon announced its partnership with Nubank, a Brazilian fintech company backed by Warren Buffett’s Berkshire Hathaway and Softbank. The Nubank has confirmed that they selected Polygon’s “Supernets technology” for their blockchain and the transition from Web2 to Web3 ecosystem. The launch of its cryptocurrency token would be dubbed Nucoin. The announcement caused Polygon’s weekly active addresses (WAA) to surpass Ethereum’s, making its third consecutive all-time high.

Moreover, the MATIC outflow from exchanges coincides with the soaring trading volume of Reddit nonfungible token (NFT) avatars. These digital collectibles are minted as NFTs on the Polygon blockchain and its weekly NFT volume increased to $3.7 Billion over the last week.