Will Polygon’s NFT growth spur MATIC? 

• Although gross sales quantity elevated, Polygon’s NFT commerce rely declined. 
• MATIC was down by 3% within the final 24 hours, and metrics have been bearish. 

During the last week, Polygon [MATIC] witnessed a double digit rise in its key NFT metrics. A current tweet from Polygon Day by day revealed the primary collections that contributed to this development. Nevertheless, Polygon’s NFT development didn’t appear to influence MATIC, as its worth declined by over 3% within the final 24 hours. What’s inflicting MATIC to rise? 

Learn Polygon’s [MATIC] Value Prediction 2023-24

An evaluation of Polygon NFTs’ state

CRYPTOSLAM’s data revealed that a number of key metrics, comparable to Polygon NFT’s whole variety of sellers and patrons, grew by 20% within the final seven days. Whereas the full variety of NFT transactions went up by over 25%, its whole gross sales quantity exceeded 35%, instantly suggesting a rise in NFT exercise. 

Supply: CRYPTOSLAM

Polygon Day by day, a well-liked Twitter deal with that posts updates associated to the Polygon ecosystem, identified in a current tweet the highest Polygon NFT collections on OpenSea, which is among the largest NFT marketplaces.

As per the tweet, y00ts grabbed the primary spot on the listing during the last week. The Sandbox and Ring Runnerz accomplished the highest three of the identical listing. 

Most-traded Polygon NFT Collections On OpenSea Final 7 Days@y00tsNFT@TheSandboxGame@RingRunnerz@OwlphaNFT@LensProtocol@CrossTheAges@HavePiClub#onPolygon pic.twitter.com/4I0pRsVZcy

— Polygon Day by day 💜 (@PolygonDaily) July 6, 2023

Nevertheless, if different metrics are to be thought of, the scenario appears drastically totally different. As an illustration, Santiment’s chart revealed that during the last seven days, Polygon’s NFT commerce counts have plummeted. Furthermore, its NFT commerce quantity in USD additionally declined.

Furthermore, Dune’s data steered that the blockchain NFT’s weekly quantity per market had additionally declined because the starting of this month. 

Supply: Santiment

MATIC’s state is dire

Polygon’s native token, MATIC, registered a decline in worth. As per CoinMarketCap, MATIC’s worth sank by 3,4% within the final 24 hours. On the time of writing, MATIC was buying and selling at $0.6677 with a market capitalization of over $6.2 billion, making it the twelfth largest crypto.

A motive behind this decline may very well be a rise in promoting strain.

A have a look at CryptoQuant’s data revealed that MATIC’s web deposits on exchanges have been excessive in comparison with the final seven days, which proved that buyers have been promoting. The token’s community development and MVRV Ratio additionally went down during the last week, which could even have performed a job. 

Supply: Santiment

Is your portfolio inexperienced? Take a look at the Polygon Revenue Calculator   

Are bulls taking a again seat?

MATIC’s Bollinger Band identified that the token’s worth was in a decrease volatility zone, lowering the possibilities of a sudden uptrend. Although the bulls have been nonetheless main, the MACD displayed the opportunity of a bearish crossover.

Its Cash Stream Index (MFI) additionally went down sharply, additional growing the possibilities of a continued uptrend.

Supply: TradingView