Can Polygon (MATIC) Price Reach $2 as Investors Open $125 Million Trades?

Polygon (MATIC) price reclaimed the $0.90 territory on Nov. 14, bringing its monthly gains to 15%. On-chain and derivatives data analytics identify the critical bullish indicators that could shape MATIC's next major price move.

Timeline of Polygon, Polygon-ecosystem-token

The crypto market experienced a consolidated weekend as major cryptocurrencies traded sideways, following which the week started trading in the red as the market recorded a correction of approximately 3.5% within the past two days. On the positive side, Layer-2's Polygon token gained significant momentum following the reports of it leading the gaming sector.

The MATIC Price has seen a surge of over 15%, reaching $0.85 in the morning, as bulls look to push the token beyond the crucial $1 mark. MATIC is currently trading at $0.83 and could continue to push higher if it crosses the resistance levels at $0.850 and $0.880.

MATIC, the native token of Polygon, an Ethereum sidechain, is ripping higher, mirroring the general performance across the crypto scene, spearheaded by Bitcoin (BTC). As of November 9, MATIC is up roughly 5% in the past 24 hours and inching closer to July 23 highs, looking at the candlestick arrangement in the daily chart.

Polygon Village, owned by Polygon Labs, announced that more than 110 million Polygon MATIC tokens, worth $78 million, will be distributed to projects and builders in the Polygon ecosystem. Polygon Ventures' Investment Principal Abhishek Saxena is a panelist at Benzinga's Future of Digital Assets Event.

NEAR Foundation, the non-profit entity behind the NEAR Protocol, has announced a collaboration with Ethereum scaling solution Polygon Labs to improve interoperability across chains.

This collaboration's primary objective is to connect Wasm-based chains with the Ethereum ecosystem, offering developers who utilize the Polygon CDK (Chain Development Kit) a range of customization options. NEAR Foundation Becomes Core Contributor to Polygon Polygon Labs wants to introduce something called a zkWasm prover.

Despite the market leader, Bitcoin price, trading sideways for over a week, the altcoins have recorded massive price action recently. Polygon's MATIC price has recorded a jump of over 5% within the past day and a significant 23% rise in its value within the past week.

Polygon (MATIC) has been exceptionally bullish in November, seeing a steady yet considerable increase that has seen the price move from $0.62, past the $0.70 mark, to its current level of $0.77.

Turning profitable as the Uptober rally extends further to drive MATIC price above $0.75, Polygon price continues to surge higher. With the late 2023 market recovery igniting a fresh demand amongst investors for altcoins, the MATIC price takes off for a moonshot.

With altcoins prices rising higher, MATIC takes a bullish stand as 2023 concludes following the Uptober season gains. The Polygon coin price surpasses the crucial EMAs and approaches the psychological mark of $1. Recovering from a negative 33% YTD growth in September, the Polygon recovery trend finally turns profitable.