• Circulation decreased, indicating a further upside for the token.
• High-leverage short positions could be liquidated between $0.89 and $0.96.

After a 20% increase in the last seven days, AMBCrypto noticed that Polygon [MATIC] climbed back above $1. At press time, MATIC changed hands at $1.005.

However, the recent milestone might not be the end for the token, as some on-chain metrics hinted at a further upside.

One of these metrics was the circulation. Circulation measures the number of tokens engaged in transactions within a specific period.

But when it comes to the price, the metric shows something else. In most cases, an increase in circulation depicts likely selling pressure, which could draw down the price of a cryptocurrency.

On the contrary, a decrease in circulation could foreshadow price stability or a significant upside.

According to AMBCrypto’s analysis of Santiment, the seven-day circulation has been decreasing since the 27th of December.

Go to Source to See Full Article
Author: Victor Olanrewaju

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