• Solana flipped Polygon to turn out to be the tenth largest crypto by way of market cap.
  • Polygon’s NFT ecosystem witnessed progress with elevated commerce depend and new integrations.

Over the previous few months, there have been a number of upsetting information tales that negatively affected the crypto trade, notably the FTX crash. Nonetheless, regardless of this, long-term sentiments in the direction of Polygon [MATIC] elevated in current months. This gradual improve could possibly be attributed to the launch of Polygon’s a lot talked-about zkEVM. 

Whereas Polygon’s optimistic sentiments elevated, its value motion additionally remained bullish within the final week, because of the present market situations. CoinMarketCap’s data revealed that MATIC’s value elevated by 8% within the final 24 hours, and at press time, it was buying and selling at $1.02 with a market capitalization of over $8.9 billion.

Sadly, regardless of the value pump, MATIC misplaced its place because the tenth largest crypto by way of market cap to Solana [SOL]

Learn Polygon’s [MATIC] Price Prediction 2023-24

Polygon’s NFT area is on hearth!

Not solely did MATIC’s value register an uptick, however the community’s efficiency in its NFT area additionally seemed optimistic. As an example, Polygon partnered with Rarible. With this, any Polygon-based NFT assortment may use the brand new self-serve software to construct their very own custom-made marketplaces.

Furthermore, up to now seven days, 109 Rarible NFTs have been offered with a total sales volume of $8.26k. Santiment’s chart revealed that the whole variety of NFT commerce counts and whole commerce quantity in USD on Polygon spiked as effectively.  

Supply: Santiment

How a lot are 1,10,100 MATICs worth today?

What do the metrics counsel?

MATIC’s efficiency on the metrics entrance seemed bullish, which will increase the possibilities of a continued value surge. For instance, MATIC’s MVRV Ratio elevated within the final week. MATIC’s web deposits on exchanges have been low, in comparison with the seven-day common, suggesting much less promoting stress. Furthermore, the whole variety of energetic wallets used to ship and obtain cash additionally registered a rise, which seemed bullish.

Nonetheless, MATIC’s community progress went down sharply on 21 January. MATIC’s social dominance additionally decreased over the previous few days, reflecting the token’s decrease recognition within the crypto area.

Supply: Santiment

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