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Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023

Polygon (MATIC), a  Layer 2 (L2) blockchain network, experienced remarkable growth in the third quarter of 2023. According to a report by Messari, the platform witnessed a significant increase in non-fungible token (NFT) sales, successful network upgrades, and the activation of a new token. 

Polygon NFT Sales Skyrocket

Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter increase in weekly NFT sales volume, reaching an impressive $20 million. This growth was primarily attributed to the success of DraftKings’ Reignmaker NFT collection, which became the top collection on the network. 

Polygon

The collection featured officially licensed cards from renowned sports organizations like the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore, through Q3, Polygon achieved significant milestones in terms of technological advancements. 

Moreover, Polygon activated the POL token on its mainnet during Q3 2023. POL serves as an upgrade to the existing MATIC token and offers holders the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol. 

The token features an inflationary model with an annual issuance rate that is subject to community governance, which, according to the report, enhances the overall security and decentralization of the platform.

Daily Active Addresses Surge Fueled By DeFi Dominance

During Q3, Polygon experienced a 1.4% quarter-on-quarter growth in daily active addresses, reaching an impressive 364,000. The decentralized finance (DeFi) sector accounted for the majority of the active addresses on the network, showcasing the platform’s strength and popularity within the decentralized finance space.

Polygon

What’s more, Polygon Labs unveiled Polygon 2.0, a comprehensive upgrade roadmap aiming to unify all Polygon protocols and blockchains using ZK technology. This initiative seeks to establish Polygon as the “Value Layer of the Internet” and introduces significant updates to protocol architecture, tokenomics, and governance. 

One of the key upgrades includes transitioning the network to a zkEVM Validium network, ensuring enhanced security while sharing the same level of robustness as Ethereum (ETH).

Furthermore, according to Token Terminal data, Polygon has shown positive momentum in price performance, network fees, and circulating market cap.

Polygon

The network’s native token, MATIC, has experienced an increase of 3.95% over the past 24 hours, trading at $0.6556, reflecting positive sentiment among investors. 

Over the past 30 days, the coin has experienced a notable increase of 13.01%, signaling a potential recovery from previous market downturns.

However, the six-month data shows a decrease of 34.97%, indicating the impact of market volatility on the long-term value of the token.

Polygon’s circulating market cap currently stands at $6.00 billion, exhibiting a 15.36% increase. However, the fully diluted market cap of $6.49 billion, which considers the total supply of tokens, has grown by 12.79%. 

The network’s fees over the past 30 days amounted to $1.21 million, representing a slight decline of 8.57%. However, on an annualized basis, the fees reached $14.68 million, indicating a downward trend of 20.24%. 

Featured image from Shutterstock, chart from TradingView.com 

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MATIC Seen Breaking Present Support With Sustained Momentum

MATIC has shown rapid accumulation or increase in the supply since the final days of November. More so, there was also an increased demand seen in the derivatives market which could be the outcome of positive Binance Funding Rate on the MATIC/USDT pair.

CoinMarketCap data shows that MATIC price is now up by 1.48% or trading at $0.8019 at the time of writing. With the rate it’s going, Polygon could further retest of even breach the present support level with sustained momentum.

  • Price still could potentially slide further towards $0.7736 or even lower
  • Polygon token price spikes by 1.48%
  • Shows rapid accumulation since November 21

The overall market sentiment for Polygon has been positive all throughout. Despite its recent hiccups in price, the development activity was observed to have spiked, which pushed the coin enter bearish turf for the most parts of December.

After its release in 2017, Polygon quickly became a popular alternative to the Ethereum blockchain due to its faster transaction times and lower transaction fees.

Meanwhile, a stop loss is seen hovering above $0.8155, which means a spike going above this range could further invalidate the bearish forecast for the crypto. This uptrend could trigger the MATIC bulls to barrel past the resistance seen at $0.8154.

MATIC is seen sliced in between the $0.8911 and $0.9492 in the first few weeks of the month. On the other hand, by December 15, the crypto sang a different tune, as the price retreated and found support at the $0.7736 level.

MATIC Technical Indicators: Price Pullback

MATIC technical indicators suggest a price pullback might settle at the range of $0.7735. The Relative Strength Index (RSI) shows a moderate slope on the charts which means that it’s near the oversold zone.

Over the past week, Polygon’s stock has dropped 6.31%. And in the past 24 hours, the price has risen by 1.10%. Price increased by 0.45% in the last hour alone, according to data by Coinbase.

Polygon Target: $2.26 In 2023

In the meantime, it looks like the market is leaning towards the bears as the crypto’s price could retreat to $0.7392, which traders can treat as short-selling targets especially with increased risk appetite.

Notably, famous crypto expert and trader Jason Pizzino also shared his forecast on Polygon with his 279,000 YouTube subscribers, stating that MATIC could potentially dip by more than 30% from the current price of $0.8019, which could be seen as an opportunity to buy low and sell high for many traders.

However, with Polygon’s resilience, MATIC price for 2023 could shoot towards a maximum of $2.26, with the average price hovering around $2.00. With a bear market, MATIC’s minimum price could potentially dip to $1.75 come 2023.