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Polygon sets a new record, but what is in store for MATIC? 

Published

2 years ago

on

Source: StockAI

  • Polygon’s NFT OpenSea volume has achieved a new record in sales, reaching $324 million.
  • MATIC showed signs of recovery and some of its metrics looked positive. 

This new year brought good news for

Polygon [MATIC], which hinted that 2023 has a lot in store for the network. Vendible announced that it was launching the Ible City utility NFT Series IV on Polygon.

Ible City is a collection of 16,000 land plots in Vendible’s virtual DAO, of which 7,000 have been sold out. Ible City NFTs are released as Cross-Network Fungible Tokens in six series over six networks. 

Read Polygon’s [MATIC] Price Prediction 2023-24

2023 begins with a promising start

It is here to be noted that Polygon recently achieved a new milestone as its NFT OpenSea volume achieved a new record in sales, reaching $324 million, which surpasses the previous record set in 2021. This development is proof of Polygon’s popularity in the NFT ecosystem. 

Not only this, but several of the NFT collections, such as y00t revealed that they will bridge to Polygon during the first quarter of 2023. Interestingly, existing Polygon projects, such as Aavegotchi, have announced that they will officially remain on Polygon this year.

Well, Polygon’s growth in the NFT space was evident, as Santiment’s chart revealed promising metrics. According to the data, Polygon’s total NFT Trade Count and Trade volume in USD registered a spike over the last week.

Source: Santiment

How many MATICs can you get for $1?

When will MATIC respond?

MATIC’s performance on the price front did not correspond to the updates, as it registered a decline of more than 5% in the last seven days. However, it was showing slight signs of recovery as its price increased by 0.59% in the last 24 hours. At press time, the token was trading at $0.7551 with a market capitalization of over $6.5 billion.

A few of the metrics were also in support of

MATIC and suggested a trend reversal was around the corner. CryptoQuant’s data revealed that MATIC’s net deposits on exchanges were low compared to the 7-day average, which is a positive signal as it indicates less selling pressure.

MATIC’s active addresses were also rising, reflecting a larger number of users on the network. Its network growth registered an uptick over the last week, which too looked optimistic. Nonetheless, MATIC’s MVRV Ratio went down, which might cause MATIC’s price to tumble in the coming days.

Source: Santiment

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