Despite the uncertainties in the more significant crypto market, the Polygon MATIC price has remained rather constant. MATIC investors may be anticipating another breakout as the price of MATIC maintains its upward momentum in the face of increased Polygon usage.
The worldwide crypto market value and prominent cryptocurrencies like BTC, ETH, and ADA have seen significant price increases in the recent five days. Even though MATIC’s gains were not as substantial as those of other of its competitors, the coin’s price upswing created some buzz in the market.
According to recent IntoTheBlock statistics, MATIC holders have finally returned to the market. MATIC HODLer addresses increased by approximately 480% from roughly 20,000 in May 2022 to 113.890 at the time of writing.
While traders and cruisers remain at around the same level, an increase in HODLers indicates that participants are confident in MATIC price movement. Furthermore, MATIC whale addresses saw a boost as addresses with a larger quantity of coins increased their holdings during September.
MATIC allocation of supplies According to the balance of addresses supplied, higher balance addresses increased dramatically between September 25 and the time of writing.
A substantial drop in MATIC supply on exchanges added to the coin’s favorable market sentiment. A decline in exchange balance is deemed positive as traders and investors relocate their assets from exchanges to cold wallets for long-term storage.
Aside from sparkling on-chain statistics, Polygon has made significant progress in broader adoption and ecosystem-centric enhancements. Following Polygon’s announcement of a partnership with Nubank, volumes and MATIC pricing increased.
NuBank is supported by Warren Buffett’s Berkshire Hathaway and has chosen Polygon to help it migrate from a Web2 to a Web3 ecosystem. Polygon’s active address growth was boosted by news of its acceptance by mainstream financial behemoths. Polygon topped Ethereum in weekly active addresses (WAA) shortly after the NuBank announcement, marking its third consecutive all-time high.
Furthermore, Polygon witnessed a surge in the trading and sales volume of Reddit non-fungible token (NFT) avatars that catered to the greater price excitement. Over the previous week, the weekly NFT volume on Polygon increased to £3.1 billion.
Furthermore, 16 of the top 20 DApps on Polygon had a positive WoW change, indicating a better environment. Polygon’s price was £0.78 at the time of writing, representing a 2.30% drop on the day as the greater market experienced deteriorating price movement. A check at the In/Out of Money around Price indicator revealed that MATIC would have no severe supply constraints in the future.
The In/Out of Money surrounding price indicator also showed good support, around £0.73. While Polygon technical appeared to be pointing up, a bearish shift might send the currency below £0.73.