Polygon [MATIC] has risen by 54% in a span of just five days and is only 6% short of its previously established peak at $2.45 in April, this year. As per data on the coinmarketcap, the native token had recorded a low of $1.04 on September 22, and over the past few months, the price has been in a steady upswing, driving MATIC above the $2 mark as December dawned.
At the time of writing, the asset’s value had since retraced back from its recent high of $2.38, trading at $1.97 with a 24-hour trading volume of $5.32 billion. MATIC was down by 13.11% in the last 24 hours. The 16th ranked coin has a current market cap of $13.5 billion.
Polygon [MATIC] – A brief technical and on-chain analysis
As indicated from the above daily chart, the Relative Strength Index [RSI] has bounced back from the overbought zone but managed to hold above the 50-median line, which depicts the buyers are in control. The Chaikin Money Flow [CMF] hovering above the zero line is signaling a rise in the capital inflow of the coin market. Riding along a similar trajectory, the green candles of the Awesome Oscillator [AO] are leaning towards the bullish thesis.
The layer 2 solution has seen tremendous on-chain and network traction of late amidst a meltdown in the broader cryptocurrency market. One of the key drivers behind its price surge has been the addition of new protocols to Polygon’s ecosystem, project launches, and a host of cross-chain migrations.
Earlier on 1st December, IDEX announced that it would be launching v3 of its exchange, making it the first hybrid liquidity DEX on the Polygon network. Apart from that, the altcoin has seen many high-profile launches ranging from NFT projects such as the OpenBiSea NFT marketplace to gaming/DeFi platforms like Rainmaker Games, Harvest Finance, and Jarvis Network.