Those factors bring MATIC to $ 2.7

MATIC’s upward trend has been quite smooth over the past 40 hours. On December 1st, this altcoin opened at $ 1.70. However, at the end of the day, it broke the $ 2 mark.

On December 2nd, the price began trading around the $ 2 mark and quickly topped $ 2.20. At the time of writing, MATIC has fallen slightly to $ 2.12.

MATIC 4-hour chart | Source: Tradingview

Good environment for MATIC

Polygon is currently showing many optimistic signals. For example, the number of active users in the network has risen steadily to this day. In 4 consecutive weeks, Polygon had more than 300,000 active users.

At the moment it is clear that the user is the greatest driver of transactions. As expected, the number of users increased at the same time as the number of daily transactions. In the last 7 days alone, the number of daily transactions reached 4.16 million, an increase of 10.39% and thus recorded the second highest value in the last 2 months.

The source: Twitter

The Total Value Locked (TVL) on polygon bridges is also increasing. According to data from Dune Analytics, Polygon’s cumulative TVL is up 6% over the past week and is worth over $ 5.4 billion at press time.

In fact, this metric is growing much faster compared to other bridges on Ethereum like Ronin, Avalanche, Arbitrum, Fantom, and Boba. Basically, this means that MATIC is one of the most liquid protocols currently available.

The source: Dune analysis

Polygon’s log revenue has increased 16% in the past 7 days. Interestingly, this week it generated a new ATH of $ 93,800 / day for the first time. The MATIC network thus recorded double-digit growth for three weeks in a row.

The source: Twitter

Other factors

Polygon is slowly trying to become the premium gaming solution. The racing game Pegaxy, for example, actively increased the status of indicators on the network over the past month. This was also emphasized by Polygon analyst Simran in a tweet on November 30th.

The source: Twitter

In addition, the ETP issuer 21Shares announced yesterday that it will be listing a MATIC-focused product on the Euronext stock exchanges in Paris and Amsterdam. To some extent, this event also helped support the bullish momentum.

In addition, the network does quite well in the NFT area. November was a very successful month for Polygon on OpenSea.

The source: Twitter

In short, Polygon’s ever-growing ecosystem, along with the developments mentioned above, paints a colorful picture for MATIC. Therefore, market participants can expect the token to move towards the May high of $ 2.7 in the next few days.

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