The weekly chart for MATIC was green, and market indications anticipate a price increase.
In the past, Polygon [MATIC] has expanded its DeFi area with a number of new integrations that enhance the network’s services and capabilities. The most recent connection is with the decentralized options exchange Dopex.
Dopex’s debut on Polygon introduced Atlantic Straddles and SSOVs (Single Staking Option Vaults) to the DeFi ecosystem, per the statement made on 4 February. This launch, according to Polygon, is a step forward for Dopex, enabling the platform to reach a larger audience and giving users additional possibilities to use its creative features.
DeFiLlama’s statistics further demonstrated Polygon’s progress in the DeFi market, as its Total Value Locked (TVL) has risen steadily since the beginning of the year. The price of MATIC likewise increased in response to these events, and its daily and weekly charts were coloured green.
According to CoinMarketCap, MATIC has increased by more than 3% and 6% during the previous 24 hours and weeks, respectively. At the time of publication, it was trading at $1.23 with a market worth of around $10.7 billion.
The surge in MATIC’s price may have contributed to the token’s renewed popularity among whales. MATIC flipped Shiba Inu [SHIB] to become the most traded token among the top 100 Ethereum [ETH] whales, according to WhaleStats.
While the price increased, MATIC’s MVRV Ratio increased, indicating optimism. MATIC’s social dominance increased in parallel with its popularity. Additionally, MATIC’s daily on-chain profit transaction volume rose, which may be attributable to recent pricing increases.
However, CryptoQuant’s analysis indicated a few alarming numbers. For instance, MATIC’s net deposits on exchanges are more than the seven-day average, suggesting a stronger level of selling pressure. Additionally, the foreign currency reserve increased, indicating a rise in selling pressure.
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