Polygon futures open interest reaches three-month high

Altcoin Polygon (MATIC) rose to $1.12 on January 27, the highest value since November 20022.

Cryptocurrency turned out to be one of the most productive over the past seven days. Its capitalization increased by almost 15%, and now it exceeds $9.46 billion.

Polygon displaced Solana from tenth place in the ranking of the largest digital currencies.

The rally in the spot market contributed to a sharp increase in interest in MATIC futures, according to CoinGlaass data.

The amount of open contracts on Friday reached $228.628 million, the highest level since November 5, 2022. Contracts totaling up to $120.74 million have been deployed on the Binance exchange.

Open interest in Polygon futures on the ByBit, Bitget and OKX platforms increased to $46.17 million, $27.04 million and $16.62 million, respectively.

According to analysts, if this week the altcoin does not rise to $1.15, then further rate correction will become inevitable.

The nearest cryptocurrency support zones are at $1.08 and $0.92. The Relative Strength Index (RSI) signals that the asset is overbought, so the risks of a MATIC retreat increase.

Comments (No)

Leave a Reply