Polygon's 9% Price Surge Sparks Speculation on 2024 Outlook

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As 2023 draws to a close, Polygon’s [MATIC] momentum remains steadfast, showcasing robust performance across various fronts in the past week. MATIC’s price action has notably embraced a bullish trajectory.

Polygon Achieves Record Highs

Recent updates on Polygon’s achievements surfaced on Today In Polygon, an influential X (formerly Twitter) account, highlighting the blockchain’s noteworthy accomplishments. The tweet spotlighted Polygon PoS surpassing 3.4 billion total transactions, marking a significant milestone. Furthermore, the gaming user base on Polygon experienced a noteworthy surge of over 30% in the past 30 days.

The last 7 days in Polygon👇👀

💜 Polygon PoS has recorded its highest monthly NFT sales volume since April

💜 @ZKFCommunity, a ZK L2 powered by Polygon CDK, @CelestiaOrg & @LumozOrg, is live on Mainnet with a community airdrop

💜 Polygon PoS DEX volumes increased 160%+ over… pic.twitter.com/gwvmADtuvY

— Today In Polygon (@TodayInPolygon) December 23, 2023

AZC News delved into Artemis’ data to gain deeper insights into the blockchain’s network activity. Surprisingly, despite a considerable uptick in transactions, the network activity on the blockchain witnessed a decline in the last week. Daily Active Addresses and Daily Transactions on Polygon both experienced reductions. Nevertheless, MATIC’s performance in the DeFi sector exhibited growth, with a substantial increase in Total Value Locked (TVL) during this period.

The NFT ecosystem on Polygon remained dynamic, with FIFA successfully selling out a collection of 900 digital collectibles on the platform, as mentioned in Today In Polygon’s tweet.

Turning attention to MATIC’s NFT performance, our analysis revealed a notable spike in the total number of NFT trades in the past week. A parallel trend was observed in Polygon’s NFT trade volume in USD, with data from CryptoSlam indicating a more than 55% increase in the number of NFT buyers and sellers.

Despite these positive trends in various NFT metrics, Polygon experienced a concern-worthy drop of over 32% in total sales volume.

Is MATIC Meeting Expectations?

Assessing MATIC’s overall performance, the token’s price exhibited a bullish surge of nearly 9% in the last seven days, reaching $0.8626 with a market capitalization surpassing $8.2 billion, as per CoinMarketCap. Notably, the token’s trading volume mirrored this upward movement.

Further investigation by AZC News unveiled an improvement in MATIC’s MVRV Ratio over the past week, signaling potential bullish sentiment. However, the Exchange Outflow declined, indicating a decrease in buying pressure. Concurrently, there was a notable drop in positive sentiment surrounding the token in recent days.