Can MATIC’s recent pump help it achieve new highs in November?

Can MATIC’s recent pump help it achieve new highs in November?

The month of October was fairly thrilling for the Polygon [MATIC] ecosystem as a number of developments and integrations passed off.

Starting with the launch of Polygon’s new zk-EVM public testnet, which is a layer 2 development on high of Ethereum that solves its scalability by means of mass switch processing rolled right into a single transaction, to a number of integrations, such because the one with SuperLayer. 

Right here’s AMBCrypto’s Worth Prediction for Polygon [MATIC] for 2023-24

Furthermore, final month, Polygon additionally outperformed Ethereum by a big margin by way of the variety of new distinctive addresses.

Based on the statistics, Polygon’s variety of distinctive addresses in October crossed 13 million, which seemed fairly promising for the community.  

These developments hinted that this new month would even be in MATIC’s favor. By the way, issues had been turning out to be true as Polygon registered a large 10% progress within the final 24 hours.

CoinMarketCap’s knowledge revealed that at press time, MATIC was buying and selling at $0.9575 with a market capitalization of greater than $8.3 billion.  

Development reversal quickly?

The latest pump of MATIC’s worth sparked pleasure amongst traders as they anticipated increased returns within the coming days. Nonetheless, a take a look at MATIC’s on-chain metrics recommended in any other case.

MATIC’s MVRV Ratio took a downward path after registering a spike final week, which is a bearish sign suggesting a worth plummet. MATIC’s community progress additionally adopted an identical route and registered a decline. 

Supply: Santiment

As per CryptoQuant’s data, MATIC’s alternate reserves had been rising, which is yet one more crimson flag for the token because it indicated increased promoting stress. 

Nonetheless, just a few issues had been additionally working in MATIC’s favor, which offered much-needed aid. For example, at press time, MATIC’s energetic addresses and the variety of transactions went up in comparison with 2 November.

Actually, MATIC was additionally fairly fashionable within the crypto neighborhood, on the time of writing. Its social dominance spiked not too long ago. One other piece of fine information for MATIC got here in because it not too long ago flipped MATH to develop into essentially the most traded token among the many high 100 Ethereum whales.

This improvement recommended that the whales had a lot confidence and belief in MATIC.

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