These variables are propelling MATIC’s growth.

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MATIC has made enormous increases during the last 7 days. Furthermore, the alt is on the edge of crossing the $2 mark. Its price rose as a result of ecosystem changes, and some movement was detected in its on-chain data following the most recent update. So, is MATIC truly set to soar to the top of the rankings?

Polygon – Home to NFT

Polygon has been one of the most profitable networks in the DeFi and NFT space. The most recent update was from Zee Studios which launched its first-ever NFT store on Polygon. This effort will be facilitated by “NFTically,” a SaaS platform.

MATIC gained 33.1 percent in little than a week, with the candles resting on $1.72 at press time. Yesterday, the altcoin increased by 19.31 percent in a single day. Simultaneously, investors bet on the surge, as volume for the day reached a 2.5-month high of $1.21 billion.

MATIC spot market’s volume | Source: Coinalyze

However, the spot market isn’t the only area MATIC soared in.

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MATIC in the Future

The altcoin performed well in the derivatives market, with volumes reaching a monthly high of $2.13 billion. At this price range, and given the market’s general bullishness, it’s no surprise that the funding rate was greater than it was in June, when Matic was at the same price.

MATIC Funding rate | Source: Coinalyze

After the abovementioned NFT news, shorts Liquidations hit a monthly high of $2.06 million. Moreover, thanks to volatility falling to a 2-month low, it looked like MATIC will see some stable price movement going forward.

MATIC short liquidations (green) | Source: Coinalyze

As long as MATIC continues to do well on all fronts, more investors will be drawn to it.

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