Although sales volume increased, Polygon’s number of NFT transactions decreased.
MATIC is down 3% in the last 24 hours and the stats were bearish.
Last week, Polygon [MATIC] witnessed a double-digit increase in key NFT metrics. A recent tweet from Polygon Daily revealed the key collections that contributed to this growth. However, Polygon’s NFT growth didn’t seem to affect MATIC as the price fell more than 3% in the past 24 hours. What causes MATIC to rise?
Read Polygons [MATIC] Price prediction 2023-24
An assessment of the status of Polygon NFTs
CRYPTOSLAMs facts revealed that several key metrics, such as the total number of sellers and buyers of Polygon NFT, have grown by 20% in the past seven days. While the total number of NFT transactions increased by more than 25%, the total sales volume exceeded 35%, directly indicating an increase in NFT activity.
Polygon Daily, a popular Twitter handle that posts updates related to the Polygon ecosystem, pointed out the top Polygon NFT collections on OpenSea, one of the largest NFT marketplaces, in a recent tweet.
According to the tweet, y00ts took the top spot on the list last week. The Sandbox and Ring Runnerz rounded out the top three on the same list.
— Polygon Daily 💜 (@PolygonDaily) July 6, 2023
However, if other statistics are to be considered, the situation looks drastically different. For example, Santiment’s chart revealed that over the past seven days, PolygonNFT trading numbers have plummeted. In addition, NFT trading volume in USD also decreased.
In addition, Dunes facts suggested that the weekly volume of the blockchain NFT by marketplace had also declined since the beginning of this month.
The condition of MATIC is appalling
Polygon’s native token, MATIC, registered a price drop. From CoinMarketCap, the price of MATIC is down 3.4% in the past 24 hours. At the time of writing, MATIC was trading at $0.6677 with a market cap of over $6.2 billion, making it the 12th largest cryptocurrency.
One reason for this decline may be increased selling pressure.
A look at CryptoQuant’s facts revealed that MATIC’s net deposits to exchanges were high compared to the past seven days, proving that investors were selling. The token’s network growth and MVRV ratio have also fallen over the past week, which may also have played a role.
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Do bulls take a backseat?
MATICS Bollinger Band pointed out that the token’s price was in a lower volatility zone, reducing the likelihood of a sudden uptrend. While the bulls were still leading, the MACD showed the possibility of a bearish crossover.
The Money Flow Index (MFI) also fell sharply, further increasing the likelihood of a sustained upward trend.
This post Will Polygon’s NFT Growth Boost MATIC?
was published first on https://ambcrypto.com/will-polygons-nft-growth-spur-matic/