Polygon (MATIC) Rises 9% Amid DeFi & NFT Success

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Polygon (MATIC) Price Rises by 9% in One Week: What the Forecast Says for 2024

The cryptocurrency Polygon (MATIC) has recorded a price increase of 9% in the past week. This upward trend seems to be continuing through the end of 2023. The performance of the blockchain remained remarkably strong on several levels, while the price of MATIC received bullish impulses.

Polygon Reaches New Highs

The Twitter account “Today In Polygon” recently posted a tweet highlighting the achievements of the blockchain in the past week. According to this tweet, Polygon PoS has reached 3.4 billion total transactions. In addition, the number of gaming users on Polygon has increased by more than 30% in the past 30 days.

Network Activity and NFT Successes

Despite the massive increase in transactions, the blockchain’s network activity declined in the past week. The daily active addresses of Polygon as well as the daily transactions decreased. However, MATIC’s performance in the DeFi sector improved as its TVL (Total Value Locked) recorded a significant increase during this period.

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The NFT ecosystem of Polygon remained active in the past week as well. FIFA sold out its new NFT collection on Polygon with 900 digital collectibles. The total number of MATIC’s NFT trading counters recorded an increase in the past week.

Is MATIC Living Up to Expectations?

MATIC’s price gained bullish momentum. According to CoinMarketCap, MATIC rose by almost 9% in just seven days. At the time of publication, the price was at $0.8626 with a market capitalization of over $8.2 billion. The good news is that the token’s trading volume increased in parallel with its price.

The MVRV ratio (Market Value to Realized Value) of MATIC improved in the past seven days, which could be seen as a bullish sign. However, the outflow from the exchanges decreased, suggesting that buying pressure is diminishing. In addition, the positive sentiment around the token decreased in recent days.

Sources: Artemis, Santiment, CryptoSlam, CoinMarketCap

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