Did MATIC whale sentiment shift amid Super Bowl NFT minting spree?

• Polygon’s OpenSea daily volume soars after Super Bowl NFTs go live.
• MATIC limits its downside as top addresses resume accumulation.

Super Bowl season is here and the excitement is already tricking into the blockchain industry. Polygon is capitalizing on the hype as well as available opportunities through a mega NFT mint.

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Polygon recently announced that it has minted more than 1 million Super Bowl NFTs.

Notably, we have seen a substantial increase in MATIC’s involvement in the NFT segment in the last few months. An unsurprising outcome considering that the network demonstrated its interest in tapping into the NFT segment in the past.

Perhaps the biggest question is how this foray into NFTs has affected the Polygon network and the demand for MATIC.

Initial reports reveal that the network registered its highest daily NFT trading volume on OpenSea at $11.4 million. There is no official word on whether this surge in NFT trading volume is linked to the Super Bowl NFTs but that is likely the case.

source: Twitter

While the above represents the volume on OpenSea, things are a bit different on-chain. Polygon’s total NFT trades volume on-chain metric reveals a surge in activity on 10 February.

However, the total volume on that particular day is still lower than its current monthly high.

Source: Santiment

The total NFT trades count metric demonstrates a similar observation. This means that on-chain NFT activity on the Polygon network is within the normal range.

Will MATIC’s slowdown be short-lived?

MATIC peaked at $1.35 earlier in the week, before a 9% pullback fueled by SEC FUD. This downside was, however, limited, indicating that MATIC is still holding on to relative strength.

Its press time price of $1.24 represented a slight gain in the last 24 hours. Thus, confirming that the bears have not managed to secure dominance.

Source: TradingView

MATIC managed to pull off a 79% uptick at its recent weekly high, from its January lows. This means the crypto token is still holding on to the title of one of the best gainers among the top cryptos from the current 12-month highs.

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Furthermore, looking at the data, one can conclude that MATIC bulls are poised to maintain their dominance for a while longer.

The current sentiment especially among MATIC whales is bullish overall. This is based on an analysis of the supply distribution. All the top address categories from 100 to 10 million MATIC have been accumulating in the last 24 hours.

Source: Santiment

Well, the current sentiment favors the bulls based on the above observation. Despite this observation, there is still room for a sudden market shift, which may push the market toward the bottom.