Polygon (MATIC) Keeps Shining With Over 14% Gain In Value

MAtPolygon(MATIC), an Ethereum layer-2 protocol is gaining momentum throughout October. Over 12% has been seen in the last 7 days, and it currently stands at $0.941. Polygon is the most-successful coin on Coinbase. CoinMarketCapThe market capitalization for the company is just over $8 billion.

Polygon saw a drastic drop in prices this June. It has gradually recovered and reached a high of $1.04 by the middle of August. It reached $0.95 in October, just a few days after its August record high. It was possible due to community support and strategic alliances.

At press time, the coin is trading at $0.94. This makes the coin an exceptional exception on the red cryptocurrency market.

MATIC is Beautiful with Weekly/Monthly Gains

MATIC gained over 12% and 26% respectively in the last week and month. Polygon’s favourable price performance in this period has been driven by dramatically increased user activity. According to CryptoSlate’sAnalysis shows that the network now has more unique IP addresses than ever before, reaching levels never seen since July.

There has been a rise in Polygon’s user base, but this hasn’t resulted in a MATIC sell-off just yet. MATIC being pulled from exchanges is increasing, indicating that traders are shifting away from trading. These users are using tokens to access the many dApps or services that the Polygon platform has created.

According to CryptoSlateData shows that the April 2021 MATIC exchange outflow was its highest ever. This was exactly when MATIC’s rapid surge brought its price to an ATH of $2. The growth in Polygon’s user base in October is a direct outcome of the platform’s overall popularity. Polygon has rapidly become the platform of choice for numerous organizations, products and services including Reddit’s ambitious NFT plans. Source: MATICUSD price from TradingView.com

MATIC’s price is currently trading around $0.94. | Source: MATICUSD price from TradingView.com

Polygon (MATIC). Price Analysis: How is the Token Heading?

Polygon’s price has been flattish since August. However, there have been some bullish activities lately. The price has risen more than 12% in the last week and is now testing $1. If MATIC is able to rise above $1, then this consolidation period will be over.

Trader have managed to maintain the price above an important support level, $0.86. We could witness a test for the critical resistance in the first week or two of November if the current momentum holds. Although August was a good month for bears, it could prove to be a favorable time for the market to drop again.

MATIC looks promising, as its value grew more than 20% in October. MATIC could see a continued rally in November which might take it up to $1.3, making it the next target. This could only occur if bulls maintain their strong momentum throughout November.

Featured image taken from Pixabay. Chart from TradingView.com

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