Posted:
- Polygon’s NFT ecosystem has seen a increase over the previous few days
- Market indicators stay bearish for MATIC
Polygon witnessed a large surge in its community exercise over the previous few days. Nevertheless, whereas that occurred, MATIC’s value remained underneath the bears’ affect. This was evidenced by the truth that its day by day chart was crimson, due to the bearish market situation.
Heading in the right direction
At present In Polygon, a well-liked X (previously generally known as Twitter) deal with, lately shared a tweet highlighting Polygon’s latest achievements. As per the identical, Polygon PoS day by day transactions have risen by 500%+ over the past 3 months alone.
NEW:
Polygon PoS day by day transactions have elevated 500%+ over the past 3 months. pic.twitter.com/15msRMfEwq
— At present In Polygon (@TodayInPolygon) December 9, 2023
The blockchain’s achievements didn’t finish there, nonetheless. For instance – Polygon PoS hit 3.3 billion complete transactions. Moreover, the blockchain’s EVM roll-up additionally touched new highs final week.
Polygon zkEVM TVL hit an all-time excessive of $120 million. Polygon zkEVM additionally passed $200 million in complete deposits, reflecting the hike within the roll-up’s utilization and adoption over the previous few months.
Aside from these developments, the blockchain additionally recorded an achievement in its NFT ecosystem. MATIC’s NFT gross sales quantity appreciated by 129% over the past 7 days. To confirm the identical, AMBCrypto had a take a look at CRYPTOSLAM’s data too. We came upon that Polygon NFTs’ complete variety of consumers and sellers each surged by over 18% within the final 30 days.
Nevertheless, regardless of the hike in consumers and sellers, the blockchain’s complete gross sales quantity dropped by over 3% within the final 30 days.
Supply: CRYPTOSLAM
What do the worth charts say?
Whereas the blockchain hit new highs by way of exercise, MATIC’s value motion turned bearish on the charts. In line with CoinMarketCap, MATIC was down by greater than 5% in simply 24 hours. On the time of writing, it was buying and selling at $0.8513 with a market capitalization of over $7.9 billion.
To see what went unsuitable, AMBCrypto had a take a look at Polygon’s on-chain metrics. Regardless of the drop in value, MATIC’s MVRV ratio remained at a excessive stage. Its community progress was additionally excessive, that means that extra new addresses had been created to switch the token.
Moreover, its alternate influx dropped final week – An indication that promoting strain was low.
Supply: Santiment
Lifelike or not, right here’s MATIC market cap in BTC‘s phrases
Value declaring although that it may well go worse as MATIC’s MACD has been flashing probabilities of a bearish crossover.
Moreover, MATIC’s Relative Energy Index (RSI) registered a pointy downtick. This could contribute to an extra drop within the token’s value over the subsequent few days.
Supply: TradingView