Journalist
Posted:
- Polygon’s NFT ecosystem has seen a growth 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. Nonetheless, whereas that occurred, MATIC’s worth remained beneath the bears’ affect. This was evidenced by the truth that its day by day chart was pink, because of the bearish market situation.
Heading in the right direction
Right this moment In Polygon, a well-liked X (previously often known as Twitter) deal with, just lately shared a tweet highlighting Polygon’s current 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
— Right this moment In Polygon (@TodayInPolygon) December 9, 2023
The blockchain’s achievements didn’t finish there, nevertheless. 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 have a look at CRYPTOSLAM’s knowledge too. We came upon that Polygon NFTs’ complete variety of consumers and sellers each surged by over 18% within the final 30 days.
Nonetheless, 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 value charts say?
Whereas the blockchain hit new highs when it comes to exercise, MATIC’s worth motion turned bearish on the charts. Based on 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 have a look at Polygon’s on-chain metrics. Regardless of the drop in worth, MATIC’s MVRV ratio remained at a excessive degree. Its community development was additionally excessive, which means that extra new addresses have been created to switch the token.
Moreover, its change influx dropped final week – An indication that promoting strain was low.
Supply: Santiment
Reasonable or not, right here’s MATIC market cap in BTC‘s phrases
Value stating although that it may go worse as MATIC’s MACD has been flashing probabilities of a bearish crossover.
Moreover, MATIC’s Relative Power Index (RSI) registered a pointy downtick. This will contribute to an extra drop within the token’s worth over the subsequent few days.
Supply: TradingView
