Polygon price rises by 9% in 7 days: What its 2024 prediction holds

Journalist

Posted: December 26, 2023

• Polygon’s TVL increased last week, reflecting growth in the DeFi space.
• MATIC was up by nearly 9% in the last seven days, 

The year 2023 is coming to an end, but Polygon’s [MATIC] trajectory is continuing unabated. The blockchain’s performance remained remarkably strong on multiple fronts over the last week, while MATIC’s price action gained bullish momentum.

Polygon reached new highs

Today In Polygon, a popular X (formerly Twitter) account, recently posted a tweet highlighting the blockchain’s achievements over the last seven days. As per the tweet, Polygon PoS has reached 3.4 billion total transactions.

Additionally, gaming users on Polygon have increased by more than 30% over the last 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

To better understand the blockchain’s network activity, AMBCrypto checked Artemis’ data. To our surprise, we found that, despite a massive increase in transactions, the blockchain’s network activity actually dropped in the last week.

Polygon’s Daily Active Addresses declined over the last seven days, as did its Daily Transactions. Nonetheless, MATIC’s performance in the DeFi space improved, as its TVL registered a sharp increase during this time frame.

Source: Artemis

The blockchain’s NFT ecosystem also remained active in the last week. Notably, Today In Polygon’s tweet above mentioned that FIFA sold out their new NFT collection on Polygon of 900 digital collectibles.

Hence, we took a look at MATIC’s performance in the NFT space. As per our analysis, MATIC’s total number of NFT trade counts spiked once in the last week.

Source: Santiment

A similar trend was also seen in terms of Polygon’s NFT trade volume in USD. CryptoSlam’s data revealed that MATIC’s total number of NFT buyers and sellers increased by more than 55% last week.

However, despite the hike in several NFT metrics, Polygon’s total sales volume dropped by more than 32%, which was a tad concerning.

Is MATIC living up to expectations?

Amidst all this, MATIC’s price gained bullish momentum. According to CoinMarketCap, MATIC was up by nearly 9% in just the last seven days. At the time of writing, it was trading at $0.8626 with a market capitalization of over $8.2 billion.

The good news was that the token’s trading volume surged alongside its price.

Is your portfolio green? Check out MATIC’s Profit Calculator    

Upon further digging, AMBCryptio found that MATIC’s MVRV Ratio improved over the last seven days, which could be perceived as bullish. However, its Exchange Outflow dropped, meaning that buying pressure was decreasing.

On top of that, positive sentiment around the token also dropped over the last few days.

Source: Santiment