#Polygon #MATIC #crypto #OKX #partnership #bullishindicators #networkusage #derivatives #priceprediction
Polygon (MATIC) has reclaimed the $0.90 territory, marking a 15% monthly gain. The on-chain and derivatives data analytics indicate crucial bullish indicators that could shape MATIC’s next major price move. The recent collaboration between Polygon and OKX has propelled MATIC’s price further.
On November 14, OKX announced the launch of X1, a New zKEVM layer-2 network built with Polygon CDK. While still in testnet, this collaboration has sparked optimism among MATIC holders who anticipate expanded scalability and increased adoption. OKX will become a core contributor to Polygon CDK and invest significant resources to enhance the technology stack for Ethereum scaling solutions. Shortly after the announcement, the MATIC market price broke above $1 for the first time in almost four months. On-chain data reveals that the recent price rally can be attributed to the increase in network usage. The Polygon network transaction count is currently at its highest level since September 28, indicating growing investor interest.
Moreover, bullish trading activity among Polygon derivatives traders is another pivotal factor driving up MATIC prices. The total capital stock in the MATIC futures markets has nearly doubled in November. This increase in open interest suggests that many bullish derivatives traders are doubling down on their long positions. With rising network activity, increasing capital inflows, and a bullish forecast from the Global In/Out of the Money (GIOM) data, MATIC’s price is in a prime position to make another leg-up. However, the bulls must overcome the resistance at $0.10 to reclaim $1.50. If these trends persist, MATIC holders could potentially see more gains in the coming days.
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