The post MATIC climbs back to $1: Is it the Inscriptions effect? appeared on BitcoinEthereumNews.com.

Journalist Posted: December 28, 2023 MATIC reclaimed the psychologically important $1 mark after a gap of eight months. The OI in MATIC Futures lifted to an all-time high of $341 million. Polygon [MATIC] was one of the biggest gainers in the crypto market in the last 24 hours, bouncing by nearly 20%, according to CoinMarketCap. With this, MATIC reclaimed the psychologically important $1 mark after a gap of eight months. MATIC up in demand The rally attracted traders in bulk, who pushed the daily trading volume to the highest levels in more than a year. On the 27th of December, MATIC worth over $2 billion was settled across platforms, according to AMBCrypto’s analysis of Santiment’s data. Source: Santiment Prominent technical analyst Ali Martinez took to social platform X (formerly Twitter) to assess MATIC’s upside potential. According to him, the likelihood of Polygon’s native token moving to $1.73 would hinge on a weekly close above $0.96. As of this writing, MATIC was exchanging hands at $1.05. #Polygon is on the verge of a breakout from a symmetrical triangle. A sustained weekly candlestick close above $0.96 could propel $MATIC towards $1.73! pic.twitter.com/IZQHpSuqO6 — Ali (@ali_charts) December 26, 2023 MATIC’s impressive performance in the spot market attracted the attention of derivatives traders. As per AMBCrypto’s examination of Coinglass’ data, the Open Interest (OI) in MATIC Futures lifted to an all-time high of $341 million. Source: Coinglass However, in a spot of surprise, the number of bearish short bets taken for the coin exceeded bullish longs over the last few days. Source: Coinglass Polygon comes into prominence due to… Polygon’s network activity also rose in the last 10 days or so. Using Santiment’s data, AMBCrypto observed an average of over 250,000 daily active addresses since the 17th of December. For much of the fourth…

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Filed under: News - @ December 28, 2023 1:22 am