Crypto Market News: Continuing the bullish momentum of the past few months, the price of Polygon (MATIC) is reaping the rewards of the Polygon 2.0 initiative. With the expansion of the blockchain’s networking capabilities, the MATIC price saw an impressive 5% increase in recent days. In addition, traders have shown resilience over the past 30 days by holding on to their bags.
Also Read: Standard Chartered Revises Bitcoin (BTC) Price Forecast to $50,000, $120,000 in 2024
Recently, CoinGape reported that MATIC price could find support at $0.745 as opposed to the current trading level of $0.73. Meanwhile, on-chain data showed signs that the cryptocurrency has witnessed a recovering network growth, supporting price growth.
MATIC Prize – What is Rally Driving
According to Santiment Insights, behind the mini-bull run for the price of the top 12 cryptocurrencies are recovering network growth, declining supply on exchanges and low profit taking. Another clear trend supporting growth is the increase in the number of new MATIC addresses per day over the past 30 days.
“$MATIC is on a mini run today, with its price up +6% in the last 8 hours. Some positive on-chain signals for the 12th ranked market cap assets include recovering network growth, declining supply on exchanges and low profit taking.
In terms of partnerships with mainstream companies, Polygon has been one of the busiest cryptocurrencies in recent years. Recently, the layer 2 scaling platform has teamed up with telecommunications giant Deutsche Telekom, which will be one of 100 validators on the Polygon Proof-of-Stake (PoS) network.
Also Read: US Fed’s Michael Barr Proposes Changes to Banks’ Capital Needs, Bitcoin Surges
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Anvesh reports important crypto updates around regulations, lawsuits and trading trends. Published about 1,000 articles and counted on crypto and web 3.0. He is currently based in Hyderabad, India. Contact him at anvesh@coingape.com or twitter.com/BitcoinReddy
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post What causes Polygon (MATIC) price increase in July 2023?
was published first on https://coingape.com/matic-price-polygon-crypto-news/
