Examining MATIC’s Price Decline Amidst Surging Network Activity

Examining Polygon’s NFT Ecosystem and MATIC’s Price Movement

Polygon, a blockchain platform, has recently experienced a significant surge in its NFT ecosystem. Despite this, the market indicators for MATIC (Polygon’s native token) remain bearish. Let’s delve into the details.

Surge in Polygon’s Network Activity

Polygon witnessed a massive surge in its network activity over the past few days. However, MATIC’s price remained under the influence of bearish market conditions, as reflected in its daily chart.

Recent Achievements in Polygon’s Network

Today In Polygon, a popular X (formerly known as Twitter) handle, highlighted some of Polygon’s recent achievements. The PoS daily transactions on Polygon have surged by 500%+ in the last 3 months alone. Other notable achievements include a total of 3.3 billion transactions on Polygon PoS and new highs in the blockchain’s EVM roll-up.

Polygon zkEVM Statistics

• Polygon zkEVM TVL hit an all-time high of $120 million.
• Polygon zkEVM total deposits surpassed $200 million.

Achievements in NFT Ecosystem

In the NFT space, MATIC’s NFT sales volume increased by 129% in the last 7 days. According to CRYPTOSLAM’s data, the total number of buyers and sellers for Polygon NFTs both surged by over 18% in the last 30 days. However, the total sales volume dropped by over 3% during the same period.

Analysis of MATIC’s Price Charts

Despite the positive developments, MATIC’s price turned bearish. According to CoinMarketCap, MATIC experienced a more than 5% drop in just 24 hours, trading at $0.8513 with a market capitalization of over $7.9 billion.

On-Chain Metrics and Price Analysis

Examining Polygon’s on-chain metrics, MATIC’s MVRV ratio remained high even with the drop in price. The network growth was substantial, indicating an increase in new addresses. Additionally, the exchange inflow dropped last week, suggesting low selling pressure. However, it’s important to note that MATIC’s MACD has been showing signs of a potential bearish crossover. The Relative Strength Index (RSI) registered a sharp downtick, possibly contributing to a further drop in the token’s price in the coming days.