Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0.721 recorded last September 22.
MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week
Buyers are back and so is the buying pressure, propelling the asset to go higher
Polygon now has two versions of SynFutures mainnet
At press time, data from CoinGecko shows the crypto is trading at $0.837 and has been up by 13.1% for the last seven days.
Among the top 20 cryptocurrencies based on market capitalization that includes Bitcoin, Ethereum, XRP and Cardano, MATIC is the only one to register double-digit price increase for the past week.
Analysts believe that this bullish rally now indicates that buyers are back, exerting tremendous buying pressure causing the asset to climb higher for the past days.
Polygon Uptick Has Other Reasons, Too
The month of October this year is starting to shape up as a friendly one for cryptocurrencies, paving the way for bounce-backs of different levels.
Bitcoin, for example, currently changes hands at $20,237 while altcoin king Ethereum is trading at $1,354.
Both assets are performing better compared to how they did last month.
While the recovery of the pack leaders may contribute for Polygon’s rally, there seems to be other reasons that fuel this run.
A quick glance at MATIC’s market value to realized value (MVRV), which currently stands at 1.924%.
This suggests that investors are putting faith in this bullish run in hopes of gaining profit this month of October.
An asset’s MVRV can be utilized to determine if price is above or below fair value in order to measure market profitability.
MATIC Joins Elite Company As Polygon Gets Busy
A recent report released by Santiment mentioned MATIC as one of the digital currencies that are registering increase in unique network addresses.
It ranks the crypto 5th behind Bitcoin, Ethereum, Litecoin and Tether.
This could mean investors are finally paying more attention to the carbon-neutral project, potentially triggering the recent uptick, which at one point reached 6.5% in a span of 24-hours.
Polygon is also not lacking in network activity as it becomes busy amid its token’s resurgence.
The second version of SynFutures mainnet was recently launched on the MATIC network, making it the first ever system to do so.
This is good news for investors, as it will give them more chances of accessing derivative market by utilizing the SynFutures protocol.
MATIC total market cap at $7.24 billion on the daily chart | Source: TradingView.com
Featured image from Zipmex, Chart: TradingView.com