Polygon, also known as MATIC, is a cryptocurrency that has been gaining a lot of attention in the market recently. Despite some negative news stories affecting the crypto industry as a whole, such as the FTX crash, long-term sentiments towards Polygon have remained positive. This can be attributed to the launch of its highly-anticipated zkEVM, which has generated a lot of buzz in the crypto community.
In addition to positive sentiments, Polygon’s price action has also remained bullish in the last week thanks to the current market conditions. According to CoinMarketCap, MATIC’s price increased by 8% in the last 24 hours and is currently trading at $1.02 with a market capitalization of over $8.9 billion. However, it’s worth noting that despite the price pump, MATIC lost its position as the 10th largest crypto in terms of market cap to Solana.
One of the major factors driving Polygon’s success is its strong performance in the NFT space. The cryptocurrency recently partnered with Rarible, which allows any Polygon-based NFT collection to use a new self-serve tool to build their own customized marketplaces. This has led to an increase in the number of NFTs being sold on the Polygon network, with 109 Rarible NFTs sold in the past seven days with a total sales volume of $8.26k.
Santiment’s chart also revealed that the total number of NFT trade counts and total trade volume in USD on Polygon have spiked as well, indicating a strong performance in this market. This is great news for Polygon investors and those interested in the NFT space.
When it comes to metrics, MATIC’s performance looks bullish, which increases the chances of a continued price surge. For example, the MVRV Ratio has increased in the last week, and net deposits on exchanges are low compared to the seven-day average, suggesting less selling pressure. Additionally, the total number of active wallets used to send and receive coins also registered an increase, which is a bullish indicator.
However, it’s worth noting that MATIC’s network growth went down sharply on 21 January and its social dominance has also decreased over the last few days. This could reflect the token’s lower popularity in the crypto space, but it’s important to keep in mind that the market is always changing and it’s best to do your own research before making any investment decisions.
In conclusion, despite some negative news affecting the crypto industry as a whole, Polygon’s (MATIC) recent success in the NFT space and bullish market conditions make it a strong player in the cryptocurrency market. With its launch of the highly-anticipated zkEVM and partnership with Rarible, Polygon’s future looks promising. However, as with any investment, it’s important to do your own research and stay updated on any developments in the market.