Polygon (MATIC) has been in recovery for the past two weeks. After the altcoin price was expected to reach $ 1, the price broke a new record and reached the level of $ 0.94.
In terms of trade volume, MATIC is moving towards reaching a new ATH. The trading volume was one tenth of Ethereum’s and corresponds to $ 40 million.
The trading volume of an L2 scaling solution contributes to the bullish sentiment of traders.
Both Networks Overview
Almost the same number of trades has occurred on both networks. 16000 with ETH and 14000 with Polygon have already been exchanged. Despite its much lower market cap, Polygon continues to rise. However, it is stated that the desired value is still not reached.
With 1.7 Million operations, this figure is just the beginning for the MATIC network. The concentration of large HODLers for coin is at the level of 91%. This great concentration supports MATIC’s price as it helps to resist selling pressure.
Network growth stands at 18%. Such a development offers a favorable environment for the MATIC price to reach the $ 2 level. Another factor that is key to the price increase is the volatility situation.
According to the above chart of Lunarcrush, volatility dropped by 70%. However, the decline in volatility has not negatively affected the price in the past. In terms of altcoins, Matic ranks 6th in Lunarcrush according to social sensitivity and overall social score. Although there has not been much change in the price in the last 24 hours or two days, the price has increased by about 70% since last week.
The 24-session volume stands at $ 822.3 million, with the altcoin rising despite low volatility and low trading volume. It is seen that there is demand in the stock exchanges. This situation contributed significantly to the rise in price. For MATIC, the 30 and 90 day volatility is almost the same.
Despite the decline in large transactions, individual traders continued to buy the coin. This development also contributed to the price increase. Now only 10% away from the all-time record, MATIC will rise to ATH and begin price discovery, unless HODLs or big traders start selling. In the coming weeks, a massive price increase is expected from MATIC, based on blockchain metrics.