- MATIC transactions increased significantly and accumulations also increased.
- The NFT space witnessed a downtrend and the market indicators were bearish.
polygon [MATIC] March 24 saw a huge increase in transactions as the value of the metric topped $40 million. MATIC was the only top 10 cryptocurrency to record these numbers. Fetch addition to polygons [FET]and sandbox [SAND] Posted similar growth.
#altcoins Their respective networks have been lit up with many of the biggest deals of the year. $matic And $FET Both saw over $40 million worth of transactions on their networks. Look $ mind, $day, $imxAnd $ sand Your big whale moves too. pic.twitter.com/8zzF8TxqhG
— Sentimento (@santimentfeed) March 23, 2023
read polygon [MATIC] Price Prediction 2023-24
It was also interesting to note that the accumulation of MATIC by whales was increasing. Sentiment charts show that the supply of MATIC held by major addresses has increased over the past week, indicating investor confidence in the token.
Source: Bhavana
Polygon Gains Popularity
Not only did the whales accumulate more MATIC, but growth was seen on other fronts as well. For example, the dune graph indicated that MATIC unique users were on an upward trend, indicating an increase in usage and adoption of the network.
Although there were many reasons for this growth, one of them can be attributed to the recent partnership with MATIC, a leading Web3 gaming platform.
source dune
Quick overview of NFT location of polygons
While the number of unique addresses was increasing, NFT sales were down. According to CRYPTOSLAMON on the MATIC chart, MATIC NFT sales volume has decreased by more than 38% over the past seven days. Not only that, but after the spike in late February 2023, MATIC’s weekly volume on Polygon Markets declined sharply.
Source: Dune
Despite the decline in the NFT ecosystem, Polygon Daily, a well-known Twitter handle that posts updates on the development of the network, tweeted about the most traded NFT collection on OpenSea. According to the tweet, CollectTrumpCards once again topped the list, followed by Sandbox and Lens Protocol.
did more business @0xPolygon NFT Collection in OpenSea in last 7 days
@collecttrump
@TheSandboxGame
@lensprotocol@AlienApeIC@MetaworldCat@ 12 o’clock@VoxiesNFT@0xsunflower@CyberKongz@CrossTheAges@open sea #polygon $matic pic.twitter.com/Io0uqgBfMt— Polygon Daily ???? (@PolygonDaily) March 23, 2023
Other metrics looked decent
Things were looking great for MATIC in terms of its on-chain performance. For example, MATIC’s forex reserves declined, suggesting reduced selling pressure. There has also been an increase in the supply of the token outside of exchanges, which is a distinctly bullish sign.
The growth of the MATIC network remained high over the past week thanks to a massive increase in transactions, indicating that more new addresses were being used to transfer MATIC. Furthermore, more coins were transferred between multiple addresses, which was evident when looking at the peak movement of MATIC on March 21.
Source: Bhavana
A Bear Acquisition?
Although the metrics were fine, MATIC price action turned bearish of late. According to Coinmarketcap, the coin has lost more than 1.8% in price over the past 24 hours. At the time of writing, it was trading at $1.11 with a market capitalization of over $9.6 billion. The daily chart from Polygon also showed a bearish bias and suggested further downside in the price.
Is your wallet green? Consult Polygon Mileage Calculator
The MACD shows the possibility of a bearish crossover. The MATIC Relative Strength Index (RSI) declined slightly, turning bearish. The Bollinger Bands findings indicated that MATIC price was in a less volatile zone, reducing the chances of a short-term breakout to the north.
However, the Money Flow Index (MFI) of the coin remained stable as it was trading above the neutral mark. Adding to this, the possibility of a change with the upcoming zkEVM release cannot be ruled out.
Source: TradingView
Source: ambcrypto.com
Source: cryptosaurus.tech
