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Polygon NFTs Explode: 6-Month High Volume Ignites Market – Details

After a very dull performance over the majority of 2023, the Polygon PoS chain managed to gather considerable pace and demonstrate notable strength in the latter part of the year.

Data indicates that, in addition to the remarkable price performance of MATIC, the Polygon network’s native token, there was a lot of excitement surrounding Polygon’s NFT ecosystem in December of the previous year.

Polygon NFT Surge: Sales Volume Peaks

An increase in the overall number of NFT deals and an upward trend in NFT sales volume, especially during the past seven weeks, are indicators of this expansion.

On December 6, 2023, the spike peaked for six months, ranking the Layer-2 scaling solution third in terms of NFT sales volume, after Ethereum and Bitcoin.

Polygon has sold nearly $10 million in a single day, according to CryptoSlam data. This is more than twice as much as Solana, which sold a little over $4.1 million.

Flippening began when Solana’s sales volume fell more than 17% in a day, whereas Polygon NFT sales volume increased by 42%.

Today In Polygon, a popular X (formerly Twitter) handle, recently tweeted about blockchain’s rise in the NFT market.

According to the post, Polygon’s NFT sales volume was rising to levels not observed for more than half a year. This episode suggested a renewed interest in MATIC NFTs, which in the upcoming months may have a more significant effect on the ecosystem.

Based on DappRadar statistics, the top Polygon NFTs during the previous 30 days were Genesis WildPas, Collect Trump, The Sandbox, and Gas Hero Coupon NFTs.

In addition, Polygon’s wash sales total is larger than Solana’s, coming in at $858,631 versus $175,493.

The entire sales volume, which includes both normal and wash sales, is $10,845,385 for Polygon NFTs and $4,292,160 overall.

MATIC Up Amidst Market Complexity

While this was going on, the token’s price chart turned green, encouraging MATIC bulls to pick up their game. MATIC has increased by more than 3% in the last day alone, according to CoinMarketCap.

With a market valuation of more than $8 billion, it was trading at $0.83 at the time of writing.

Even with these encouraging indicators, certain areas displayed unfavorable patterns, such as a decline in the graph of unique addresses and a drop in the quantity of transactions after a peak on December 25, 2023.

These inconsistent tendencies highlight the intricate mechanisms at work within the Polygon NFT ecosystem, despite the fact that the cryptocurrency market is infamously volatile.

Featured image from Freepik

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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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Polygon (MATIC) Looks Set For A Retracement After Recent Gains

Polygon (MATIC) has been sky-high and gliding over the past month. Analysts are looking at a retracement to $0.58 if the coin goes below $0.77.   

Polygon, self-proclaimed as “Ethereum’s Internet of Blockchains” looks ready for a major move after it has skyrocketed in market value as seen in the past weeks. On the flipside, there is still a strong support zone that may anchor the coin to hold its price.

MATIC is currently set in anticipation of a correction but is still has to break the support line. It has been on an upswing and has spiked by more than 200% after it bounced back from a low of $0.32 and reaching a high of $0.98 as seen in July 18.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

MATIC Sell Signal Strong

The token looks like its basking on what is referred to as an overbought terrain. A sell signal has been remarkable in the Tom DeMark (TD) Sequential indicator on MATIC’s daily chart. It shows green nine candlesticks or forming a bearish pattern which shows a correction. The weak outlook was supported with the two red candlesticks that appear to be trading below the other red candlestick.

Despite its passive movement, MATIC has Parabolic SAR, a strong support cluster, and also the retracement seen at $0.77, and the 100-day moving average keeping it all stable. A daily candlestick that would slide below the critical line may trigger a downward pressure and lead to a correction of 22% at $0.58.

MATIC total market cap at $6.87 billion on the daily chart | Source: TradingView.com
MATIC To Regain Strength, Move Towards $1.20

If MATIC can breach its July 18 high set at $0.98, then that can shake off its weak outlook. Once it slices through that critical resistance level, MATIC will regain the strength to move closely towards the $1.20 200-day moving average.

The token has been getting a lot of eyeballs as it gets ready to upgrade to a multi-chain platform and also as it soared higher over the past month. The entire crypto market has been recovering over the past couple of weeks; and MATIC price has also recouped and risen as a result.

Polygon is on track to roll out quicker and more affordable Ethereum transactions. The future looks promising for Polygon as it works its way up to become a multi-chain network, its involvements with NFT, and also with its collaborations and projects with Stripe, Disney, and Adidas.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Featured image from VOI, chart from TradingView.com