The network is benefiting from the widespread adoption of NFT as it gains momentum and has the ability to move past the resistance level of $1.6.
Muscle Flexion by Polygon in the NFT Space
In addition to the fact that Polygon is perceived to be expanding significantly, particularly in the NFT space, the network has been able to acquire greater traction thanks to its planned mainnet upgrade and the zk-EVM.
In the NFT and DeFi markets, Ethereum is thought to be in the lead, but it appears that Polygon is catching up to or possibly surpassing the giant.
With approximately $3.37 million in sales, Polygon is currently ranked fourth in the NFT market, showing a growth of as high as 30.72%.
Additionally, the volume of transactions increased by as much as 73% over the previous week, despite Ethereum losing 4.34%.
Additionally, OpenSea’s daily volume saw a spectacular increase and peaked at $18.7 million. The quantity of NFTs sold in the last few months has been low in comparison.
The monthly volume for OpenSea on Polygon also surged beyond $30 million in its first week, surpassing its previous high from May of the previous year. This is a clear hint that the price of NFTs on the platform has increased dramatically.
MATIC Bulls are expected to dominate in the long run.
Since its price was revived when it fell below $0.3 in June of last year, the MATIC price has been perceived to be gaining more traction.
Amazingly, MATIC is regarded as one of the top cryptocurrency gainers despite the industry’s severe losses over the previous year.
With a strong support base over $1, MATIC price is considered to be mostly bullish from a long-term viewpoint. This implies that even with a significant price decrease, this may still sustain a rebound rising from $1.05 and might surge further above $1.6.
Although activity in Polygon’s NFT trading volume increased on February 10, the overall volume for that day was still lower than its monthly high.
Overall, it appears that MATIC bulls are able to extend their winning streaks.