What’s Driving Polygon (MATIC) Price Rally In July 2023?
Crypto Market News: Continuing the bullish momentum in recent months, Polygon (MATIC) price is reaping rewards of the Polygon 2.0 initiative. With the expansion of the blockchain’s network capabilities, the MATIC price saw an impressive 5% rise over the last few days. In addition, traders have been showing resilience in holding their bags over the last 30 days.
Also Read: Standard Chartered Revises Bitcoin (BTC) Price Prediction To $50000, $120K In 2024
Recently, CoinGape reported that the MATIC price could find support at $0.745, as against the current trading level of $0.73. Meanwhile, on-chain data showed signs that the cryptocurrency was witnessing rebounding network growth, which supports price growth.
MATIC Price – What’s Driving Rally
According to Santiment Insights, behind the mini bull run for the top 12 cryptocurrency’s price are rebounding network growth, decreasing supply on exchanges, and low profit taking. Another clear trend that supports the growth is the rise in the new MATIC addresses per day in the last 30 days.
“$MATIC is on a mini run today, with a +6% price rise in the past 8 hours. Some positive on-chain signs for the 12th ranked market cap asset include rebounding network growth, decreasing supply on exchanges, and low profit taking.”
In terms of partnerships with mainstream companies, Polygon has been one of the busiest of top cryptocurrencies over the last few years. Recently, the layer 2 scaling platform joined hands with with telecommunication giant Deutsche Telekom, which will be one of the 100 validators on the Polygon Proof-of-Stake (PoS) network.
Also Read: US Fed’s Michael Barr Proposes Changes To Bank Capital Needs, Bitcoin Surges
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