Polygon (MATIC) price reclaimed the $0.80 territory on Nov. 9. On-chain analysis identifies some vital bullish indicators that could shape MATIC price action in the days ahead.
MATIC has emerged as one of the biggest gainers in the top 20 crypto market gainer’s charts this month. Here’s how the Polygon community’s positive reaction to the recent token migration announcement could further propel MATIC’s price.
Daily Transaction Count on Polygon Network Increases significantly
On Sept.15, Polygon Labs published a blog post announcing an imminent transition to a new POL Token for “improved decentralization and expanded utility.” The community initially reacted skittishly, sparking a MATIC price retracement to $0.50 around Sept. 29.
However, following further clarification and the introduction of the execution team, the Polygon community appears to have warmed up to the idea. Indicatively, on-chain data reveals that the Polygon network transaction count has reached its highest level since Sept. 28.
Read more: What Is Polygon (MATIC)?
The chart below vividly illustrates that Polygon network transactions have been on a steady rise in November. On Nov. 8, Polygon recorded 6,490 transactions, the highest since Sept. 28, suggesting the market FUD that heralded the POL token’s initial announcement has waned.
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Author: Ibrahim Ajibade
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