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Is MATIC’s price set to double? Polygon’s Reddit hype drives exchange balance to 9 month lows By Cointelegraph


Is MATIC’s price set to double? Reddit hype by Polygon pushes exchange balance to 9 month lows

A sharp rebound in Polygon (MATICThe price of the ) market has increased by 200% in the past four months, compared to its June 2022 low of $0.31. The token is now showing signs of another major market rally.

Notably, the MATIC supply of all crypto exchanges fell below 802.15 million on October 26, which is its lowest level since January 2022. The plunge was part of a larger downtrend that has seen more than 600 million MATIC leave crypto exchanges over the past four months. Data on Santiment Shows.

MATIC balance on exchanges and price Source: Santiment
Reddit NFTs sales volumes. Source: Dune Analytics
Chart of the three-day price. Source: TradingView
Daily price chart. Source: TradingView