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<a href="https://en.coin-turk.com/polygons-matic-recovery-encountered-resistance-future-move-depends-on-market-sentiment/”>Polygon’s (MATIC) price reclaimed the $0.80 level on November 9. On-chain analysis identifies some critical bullish indicators that could shape MATIC’s price movement in the coming days.
Polygon Developments
MATIC emerged as one of the top gainers in the cryptocurrency market this month. The positive response to Polygon community’s recent token transition announcement indicates how it could further boost MATIC’s price. On September 15, Polygon Labs published a blog post announcing the upcoming launch of a new POL token for enhanced decentralization and expanded utility. The community initially showed a mild reaction, leading to a pullback in MATIC’s price to around $0.50 by September 29.
However, with further explanations and the introduction of the execution team, the Polygon community may become more receptive to this idea. Additionally, off-chain data reveals that Polygon’s network transaction count has reached its highest level since September 28. A chart shared by experts vividly shows that Polygon network transactions have been steadily increasing in November. On November 8, Polygon recorded the highest figure of 6,490 transactions since September 28.
Increase in MATIC Price
In this case, the increase in transaction count metric indicates a decrease in market FUD, which is the precursor to the initial announcement of the POL token. The transaction count metric represents the total number of confirmed transactions involving a specific cryptocurrency on a given day. As observed in general, a steady increase in transaction count could imply an increase in investor interest.
Furthermore, the 60% increase in MATIC’s price accompanied a 67% increase in Polygon’s transaction activity between September 26 and November 9. Additionally, in recent announcements, Polygon Labs announced the launch of Polygon Village 2.0. During the launch, the team unveiled a $90 million fund for ecosystem development. While founders compete to acquire more than 110 million MATIC for ecosystem support, Polygon’s transaction activity could further increase in the coming weeks.
