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MATIC may be the center of attention for these reasons despite Polygon’s NFT defeat

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Polygon, the layer 2 solution that has been in the news for quite some time for its increasing number of collaborations, expanded into the NFT space. Despite partnerships in multiple domains for their NFT’s, the Polygon NFT market didn’t see any noteworthy growth.

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Here’s AMBCrypto’s Price Prediction for Polygon [MATIC] for 2022-2023.

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According to a tweet by Polygon Studios on 21 October, it was stated that an e-sports platform was being built on Polygon. This would help Polygon venture into the e-sports space coupled with other attempts to garner more interest for their NFTs. These steps could possibly help them gain more traction in terms of attracting more users to their NFTs.

However, despite Polygon’s multiple attempts to try and resurrect interests in their NFTs, the results so far have been disappointing.

According to data from DappRadar, popular Polygon NFT collections, such as Aavegotchi’s volume depreciated by 46.42% and its sales fell by 32% as well.

Furthermore, after looking at Polygon’s NFT  performance on the OpenSea platform, it appeared that recovery was still far away. Monthly active traders on the platform continued to decline, and along with that the number of NFT’s sold daily and the overall volume depreciated over the last few months.

Source: Dune Analytics

The “why” and “what” of it all

One of the reasons for the disinterest in Polygon’s NFT’s could stem from Polygon’s declining social engagements and negative sentiment around the token. According to LunarCrush, a social media analytics website, the number of social engagements around Polygon depreciated by 4.27% over the last week.

Along with that, there was a massive decline in its weighted sentiment. This indicated that over the past seven days, the crypto community had more negative things to say than positive when it came to Polygon.

Source: Santiment

However despite the negative sentiment, MATIC’s price action showed some positivity. At the time of writing, MATIC was trading at $0.827 and its price had appreciated by 4.07% in the last 24 hours. If the price keeps increasing at this rate it might retest the 0.884 resistance.

Source: TradingView

The Chaikin Money Flow (CMF) which was at 0.08 was indicating a slightly bullish outlook for MATIC at the time of press. However, the Relative Strength Index (RSI) was at 50 indicating that the momentum was not on either the buyer’s or the seller’s side.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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